China stocks give up gains amid yuan depreciation worries

miércoles 25 de mayo de 2016 03:15 GYT
 

SHANGHAI May 25 (Reuters) - China stocks gave up early gains to end weaker on Wednesday despite a sharp rebound in Hong Kong, as yuan depreciation fears resurfaced on the back of a stronger dollar and a possible U.S. rate hike next month.

The CSI300 index of the largest listed companies in Shanghai and Shenzhen fell 0.1 percent, to 3,059.23, while the Shanghai Composite Index lost 0.2 percent, to 2,815.09 points.

Trading volume in Shanghai shrank to the lowest level in nearly four months, reflecting low risk appetite.

There are fresh worries about money outflows as the U.S. looks increasingly likely to raise interest rates again soon.

The yuan eased to within a whisker of its early February trough on Wednesday, after the central bank fixed the softest midpoint against the dollar since March 2011.

Most sectors fell, with transportation shares leading the decline. (Reporting by Samuel Shen and Pete Sweeney; Editing by Sam Holmes)