China Shares Open Higher; Markets Still Cautious Ahead of June Inflation Report
Chinese shares opened higher on Wednesday, clawing back gains from the previous day's losses, but the market remained cautious ahead of the release of China's inflation data. The Shanghai Composite Index, the main gauge of Chinese stocks, opened 0.2% higher to 3,996.81. The Shenzhen Component Index rose 0.3% to 15,269.82. Investors are awaiting the Thursday release of China's consumer price index and producer price inflation reports for June. Analysts expect June inflation to cool to 1.1% year over year from the 1.2% recorded in the previous month, according to a consensus estimate from Trading Economics. Meanwhile, the Chinese yuan is moving towards a portfolio integration phase, with institutions increasingly relying on the currency for trade, investment, financing and reserve management. According to a survey of 120 institutions by HSBC, 66% of respondents said they were allocating to RMB assets for diversification benefits.
Chinese shares opened higher on Wednesday, clawing back gains from the previous day's losses, but the market remained cautious ahead of the release of China's inflation data.
The Shanghai Composite Index, the main gauge of Chinese stocks, opened 0.2% higher to 3,996.81.
The Shenzhen Component Index rose 0.3% to 15,269.82.
Investors are awaiting the Thursday release of China's consumer price index and producer price inflation reports for June.
Analysts expect June inflation to cool to 1.1% year over year from the 1.2% recorded in the previous month, according to a consensus estimate from Trading Economics.
Meanwhile, the Chinese yuan is moving towards a portfolio integration phase, with institutions increasingly relying on the currency for trade, investment, financing and reserve management.
According to a survey of 120 institutions by HSBC, 66% of respondents said they were allocating to RMB assets for diversification benefits.