After factory activity reports, Chinese shares ended higher on Monday. However, gains narrowed by concerns over the prospects of a proposed U.S.-China trade deal.
Shanghai Composite Index gained 0.1% to 2,875.81 and the blue-chip CSI 300 index added 0.2% to 3,836.06.
Furthermore, MSCI’s Asia ex-Japan stock index closed up 0.23%, on the other hand, Japan’s Nikkei index solidified at 1.01%.
According to a private business survey, China’s factory activity expanded at the quickest pace in about three years in November, with solid increases in output and new orders.
That result came after official data showed that factory activity in China suddenly started to gain in November. It was the first time during the last seven months as domestic demand picked up on Beijing’s accelerated stimulus measures to steady growth.
According to Zhang, the government’s push on infrastructure investment, less property market control, and de-escalation in U.S.-China trade tension in October lead to the better-than-expected November PMI.
Moreover, economic growth is still within a fair range, and inflation is mild, as well. Thus, Beijing should maintain the normal monetary policy as long as possible, China’s central bank governor Yi Gang says.
Beijing’s top priority in phase one trade deal with the U.S. is the removal of existing tariffs on Chinese goods, the Sunday report says.
The yuan was quoted at 7.0326 per U.S. dollar, At 07:07 GMT. The result shows it is 0.01% weaker than the previous close of 7.032.
So far, in 2019, the Shanghai stock index gained 15.3%, and the CSI 300 is up 27.4%, while Shanghai stocks have risen 0.13% this month. China’s H-share index listed in Hong Kong gained 2.4%. As of 0708 GMT, China’s A-shares were trading at a premium of 28.90%.
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