China stocks dip on yuan depreciation fears, speculation curbs; HK up

lunes 20 de junio de 2016 00:41 GYT
 

* CSI300 -0.2 pct; SSEC -0.2 pct; HSI: +1.1 pct

* China property shares rise on May data

* China's fresh curb on speculation hurt sentiment

SHANGHAI, June 20 (Reuters) - China stocks dipped on Monday morning as sentiment was subdued amid underlying concerns of yuan depreciation and a fresh regulatory crackdown on speculative trading.

But Hong Kong shares rose over 1 percent, tracking rebounds in Asian markets as some fears that Britain would vote to leave the European Union abated.

Both China's blue-chip CSI300 index and the Shanghai Composite Index lost 0.2 percent, to 3,105.71 points and 2,880.08 points, respectively.

Last week, U.S. publisher MSCI decided not to add yuan-denominated Chinese shares to its emerging market index. Many watchers say the decision at least partly reflected fund managers' unease about allocating more to yuan assets.

Responding to yuan depreciation fears, the Financial News, a paper owned by China's central bank, said in a commentary on Monday that although there is no concrete basis for depreciating the yuan over the long term, more two-way volatility is unavoidable while reforms proceed.

Market sentiment was also hit by a weekend announcement from China's securities regulator that it would tighten rules on major restructurings by listed companies to curb speculation around shell companies used for backdoor listings.   Continuación...