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Shanghai & Shenzhen Markets Reopen After May Day Holiday; Three Major A Share Indices Open Up 0.6%-2.3%; CAMBRICON (688256.SH) +5%; WULIANGYE (000858.SZ) -6.5%
The central parity of RMB against USD was set at 6.8562 today (6th), up 66 bps MoM, marking the highest level since March 24, 2023. The People's Bank of China conducted RMB26 billi...
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Shanghai & Shenzhen Markets Reopen After May Day Holiday; Three Major A Share Indices Open Up 0.6%-2.3%; CAMBRICON (688256.SH) +5%; WULIANGYE (000858.SZ) -6.5%
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The central parity of RMB against USD was set at 6.8562 today (6th), up 66 bps MoM, marking the highest level since March 24, 2023. The People's Bank of China conducted RMB26 billion seven-day reverse repo operations in the open market, with the operation rate unchanged at 1.4%. On the same day, the PBOC also conducted RMB300 billion three-month (91-day) outright reverse repo operations through a fixed-quantity, rate-bidding and multiple-price winning method. As RMB800 billion matured, this resulted in a net withdrawal of RMB500 billion.

On the first trading day after the May Day holiday, the three major A Share indices opened higher. The Shanghai Composite Index opened at 4,135 points, up 23 points or 0.6%. The Shenzhen Component Index opened at 15,323 points, up 215 points or 1.5%. The ChiNext Index opened at 3,760 points, up 83 points or 2.3%.

Related NewsInflation Rate YoY for Apr in China is 1.2%, higher than the previous value of 1.0%. The forecast was 0.8%.
Banking stocks were mixed. ICBC (601398.SH)  -0.060 (-0.822%)   opened flat, while CCB (601939.SH)  +0.080 (+0.821%)   opened down 0.1%. BYD Company (002594.SZ)  -2.430 (-2.461%)   opened down 1.2%, while CONTEMPORARY AMPEREX (300750.SZ)  -3.400 (-0.796%)   opened up 4.9%.

Chip-related stocks advanced. SMIC (688981.SH)  +1.120 (+0.950%)   A Share and HUA HONG (688347.SH)  -7.770 (-4.922%)   A Share each opened up 2.8%. AI chip stock CAMBRICON (688256.SH)  -51.580 (-4.092%)   opened up 5%. Domestic GPU makers METAX (688802.SH)  -25.530 (-3.446%)   and MOORE THREADS (688795.SH)  -17.650 (-2.588%)   opened up 1.7% and 1.8%, respectively.

WULIANGYE (000858.SZ)  -2.120 (-2.382%)   opened down 6.5% after its net profit for last year slumped by more than 70% YoY. The company proposed a share buyback of RMB8 billion to RMB10 billion. CHINA DUTY FREE (601888.SH)  -1.800 (-2.961%)   also opened down 2.9%. (ta/u)(A Shares quote is delayed for at least 15 mins.)

Related NewsVehicle Sales YoY for Apr in China is -2.5%, lower than the previous value of -0.6%.

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