China Stocks up After Circuit Breaker Axed, Yuan Fixed Higher
by Lu Jianxin and Pete Sweeney
Reuters.com
China’s major stock indexes regained some ground on Friday after Beijing ditched a circuit breaker mechanism that halted trading twice this week and had been blamed for exacerbating the market sell-offs it was designed to limit.
The People’s Bank of China also raised its guidance rate for the yuan for the first time in nine trading days, having allowed the currency’s biggest fall in five months on Thursday, sending shivers through regional currencies and global stock markets as investors feared it would trigger competitive devaluations.
Chinese markets have had a turbulent start to 2016, buffeted by the PBOC’s lower yuan fixings against the dollar, two days of stock exchange suspensions, weak factory and service sector surveys, and worries about looming share sales by major stakeholders once a ban on such sales expires.
Continue Reading at Reuters.com…
Source: http://financialsurvivalnetwork.com/2016/01/china-stocks-up-after-circuit-breaker-axed-yuan-fixed-higher/?utm_source=rss&utm_medium=rss&utm_campaign=china-stocks-up-after-circuit-breaker-axed-yuan-fixed-higher
