Shanghai & Shenzhen Markets Open 0.5%0.9% Lower; Chip-Related Stocks Weak
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Shanghai and Shenzhen markets opened lower, with indices down 0.5% to 0.9%. Investors are awaiting a meeting between Chinese and US leaders. The RMB central parity against the USD was set at 6.8431, down 5 bps MoM. The People's Bank of China conducted RMB500 million of reverse repos, resulting in a net liquidity withdrawal of RMB25.5 billion. Chip-related stocks faced pressure, with SMIC and HUA HONG down 2.4% and 1.6%, respectively. Other notable declines included domestic GPU makers and optical fibre manufacturers.
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