<div id="readability-page-1"><div>The Peoples Bank of China stated it will continue to implement a moderately accommodative monetary policy and further refine the interest rate control framework. The RMB central parity against the USD was set at 6.8426, up 41 pips MoM. Today (12th), the PBOC conducted RMB500 million seven-day reverse repo operations in the open market, with the operation rate unchanged at 1.4%. With no reverse repos maturing, the single-day net injection was RMB500 million. The three major A-share indices opened 0.1% to 0.5% higher before turning lower, slipping 0.4% to 0.9% at midday.The Shanghai Composite Index fell 17 points, or 0.4%, to 4,208, with turnover of RMB985.65 billion. The Shenzhen Component Index dropped 141 points, or 0.9%, to 15,757, with turnover of RMB1.185 trillion. The ChiNext Index declined 14 points, or 0.4%, to 3,914, with turnover of RMB552.33 billion.Banking stocks were steady. ICBC (601398.SH) +0.040 (+0.535%) rose 0.5%, while CCB (601939.SH) +0.060 (+0.625%) gained 0.6%. BYD Company (002594.SZ) -1.130 (-1.125%) fell 1.1%. CONTEMPORARY AMPEREX (300750.SZ) -10.910 (-2.446%) declined 2.5%.Among chip stocks, SMIC (688981.SH) -2.320 (-1.894%) and HUA HONG (688347.SH) -3.730 (-2.269%) fell 1.9% and 2.3%, respectively. AI chip maker CAMBRICON (688256.SH) +59.300 (+4.942%) bucked the trend, rising 4.9%. Domestic GPU makers METAX (688802.SH) -9.500 (-1.206%) and MOORE THREADS (688795.SH) -2.900 (-0.404%) dropped 1.2% and 0.4%, respectively. LQKJ (688008.SH) -9.060 (-3.635%) slid 3.6%. Optical fibre stock YANGTZE OPTICAL FIBRE (601869.SH) +8.710 (+2.176%) advanced 2.2%.The second RMB1,000 stock on the ChiNext board was born as leading optical module maker ZHONGJI INNOLIGHT (300308.SZ) +54.760 (+5.825%) once broke above the RMB1,000 mark, hitting an intraday high of RMB1,008.44. It became the second RMB1,000 stock in ChiNext history and the tenth in A-share history. Gains narrowed slightly by midday, with the stock up 5.8% at RMB994.89. (jl/da)(A Shares quote is delayed for at least 15 mins.)</div></div>

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The Shanghai and Shenzhen indices opened higher but fell by 0.4% to 0.9% at midday. The People's Bank of China continues a moderately accommodative monetary policy, with the RMB central parity against the USD set at 6.8426. The Shanghai Composite Index dropped 17 points to 4,208, while the Shenzhen Component Index fell 141 points to 15,757. ZHONGJI INNOLIGHT became the second stock on the ChiNext board to surpass RMB1,000, reaching an intraday high of RMB1,008.44 before closing at RMB994.89, up 5.8%.

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Shanghai & Shenzhen Indices Open High but Turn Lower; A-share Three Major Indices Slip 0.4% to 0.9% at Midday; ZHONGJI INNOLIGHT  Once Breaks Above RMB1,000