China stocks to post 4th weekly gain as yuan surge lifts mood; Hong Kong also up [Reuters (UK)]
China Southern Airlines Company Limited (ZNH)
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Source: Reuters
China stocks to post 4th weekly gain as yuan surge lifts mood; Hong Kong also up | Reuters Reuters Staff 3 Min Read SHANGHAI, Sept 8 (Reuters) - China stocks edged up on Friday, poised for a fourth straight week of gains, amid signs investors are pumping fresh money into a market buoyed by solid economic growth and a resurgent yuan. With the yuan surging to a near 21-month high and taking centre stage again on Friday, investors who shrugged off China’s August trade data pushed up sectors such as commodities, airlines and gold, betting they would benefit from the Chinese currency’s bullishness, and dollar weakness. The CSI300 index rose 0.1 percent, to 3,834.99 points by the lunch break, set to post a 4-week rising streak. The Shanghai Composite Index gained 0.2 percent, to 3,373.68 points. “If history is any guide, yuan and Chinese equities are highly correlated,” said Wu Kan, fund manager head of equities trading at Shanshan Finance. “Yuan bullishness makes yuan-denominated assets mo
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