Equity

At closing bell, the benchmark Shanghai Composite Index was up 0.61%, or 20.91 points, to 3,462.75. The Shenzhen Composite Index, which tracks stocks on China's second exchange, added 0.88%, or 19.85 points, to 2,271.81. The blue-chip CSI300 index climbed up 0.43%, or 21.49 points, to 5,044.55.

ECONOMIC NEWS: Sales of new passenger car vehicles in China increased by 12.4% year-on-year to 1.6 million units in April 2021, according to data released by the China Passenger Car Association (CPCA). The data includes sales of passenger cars, SUVs and MPVs. The country's vehicle market has now rebounded beyond pre-pandemic levels, driven by pent-up demand and low interest rates. The association said 8.39 million people in the country were given new driver's licences in the first quarter. Sales of domestic-branded passenger vehicles rose by 24% to 590,000 units last month, while sales of luxury brands rose by 30% to 250,000 units. Deliveries of new energy vehicles jumped by 214% to 184,000 units to account for more than 11% of the market. The CPCA said China exported 107,000 passenger vehicles in April, a 146% rise on last year, with completely built up (CBU) vehicle exports jumping by 169% to around 80,000 units. New energy vehicles accounted for 16% of these, including 14,174 Tesla models and 2,378 units by SAIC Motor. In the first four months of 2021 passenger vehicle sales were up by close to 51% at 6.7m units from weak year-earlier volumes, while exports increased by 83% to 585,000 units.

CURRENCY NEWS: China yuan eased against the dollar on Wednesday, inline with softer mid-point fixing by central bank. Prior to market opening, the People's Bank of China (PBOC) fixed the midpoint rate CNY=PBOC at 6.4258 per dollar, 4 pips weaker than the previous fix of 6.4254. In the spot market, onshore yuan CNY=CFXS opened at 6.4283 per dollar and was changing hands at 6.4406 at midday, 123 pips weaker than the previous late session close.

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