China's Stock Markets Open Mixed, Defying Upbeat Data
Xu Wei
DATE:  May 12 2020
/ SOURCE:  Yicai

(Yicai Global) May 12 -- Chinese stock markets opened mixed in seeming disregard of the latest economic data that beat out expectations.

The Shanghai Composite Index set out 0.01 percent down at 2,894.62, while the Shenzhen Component Index likewise fell 0.01 percent to 10,972.05. The ChiNext Price Index, which that tracks growth enterprises listed in Shenzhen, rose 0.16 percent to 2,106.22.

China's M2 -- broad money -- balance widened annually by 11.1 percent to CNY209.35 trillion (USD29.6 trillion) by the end of April, the People's Bank of China, the country’s central bank, said yesterday. Respondents to the most recent Yicai Chief Economist Survey predicted that figure would expand by almost 10.3 percent.

The country's total loan volume rose by some CNY682 billion (USD37.4 billion) to CNY1.7 trillion, the PBOC said yesterday. Survey participants had projected that number to reach to around CNY1.45 trillion instead.

Editor: Ben Armour

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