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<A Shrs> Three Major Indices Open 0.4%-1% Lower; Chip Stocks Weaken, YANGTZE OPTICAL FIBRE (601869.SH) Down 4%
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The RMB central parity against the USD was set at 6.8502, down 15 bps MoM.

The People's Bank of China conducted RMB500 million seven-day reverse repo operations in the open market today (8th), with the operation rate unchanged at 1.4%. There were no reverse repos maturing today, resulting in a single-day net injection of RMB500 million.

Related NewsInflation Rate YoY for Apr in China is 1.2%, higher than the previous value of 1.0%. The forecast was 0.8%.
The three major A-share indices opened lower. The Shanghai Composite Index opened at 4,163 points, down 16 points or 0.4%. The Shenzhen Component Index opened at 15,520 points, down 121 points or 0.8%. The ChiNext Index opened at 3,792 points, down 41 points or 1%.

Among bank stocks, ICBC (601398.SH) and CCB (601939.SH) opened 0.3% and 0.1% higher, respectively. BYD Company (002594.SZ) opened flat, while CONTEMPORARY AMPEREX (300750.SZ) opened 0.6% lower.

Chip-related stocks softened. SMIC (688981.SH) and HUA HONG (688347.SH) A-shares opened 2% and 3.3% lower, respectively. AI chip stock CAMBRICON (688256.SH) opened 2.9% lower. Domestic GPU stocks METAX (688802.SH) and MOORE THREADS (688795.SH) opened 2.1% and 2% lower, respectively. LQKJ (688008.SH) also opened 2.3% lower. Optical fibre stock YANGTZE OPTICAL FIBRE (601869.SH) retreated 4%. (ta/u)

Related NewsInflation Rate MoM for Apr in China is 0.3%, higher than the previous value of -0.7%. The forecast was -0.1%.
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