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Shanghai and Shenzhen Markets Open 0.7%1.2% Lower; Banks Steady, Chip Stocks Weak
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The RMB central parity against USD was set at 6.8203, lowered by 19 bps MoM. Based on demand from primary dealers in open market operations, the PBOC conducted zero seven-day reverse repo operations today (4th); meanwhile, RMB101.3 billion of reverse repos matured, resulting in a single-day net liquidity withdrawal of RMB101.3 billion. The three major A-share indices opened 0.7% to 1.2% lower. The Shanghai Composite Index opened down 30 points, or 0.74%, at 4,053. The Shenzhen Component Index opened down 164 points, or 1.05%, at 15,540. The ChiNext Index opened down 50 points, or 1.22%, at 4,072. Bank stocks were broadly steady, with ICBC (601398.SH) and CCB (601939.SH) each opening 0.3% higher. Insurers were weaker, as CHINA LIFE (601628.SH) opened down 0.6% and CHINA PACIFIC INSURANCE (601601.SH) slipped 0.2%. In addition, BYD Company (002594.SZ) opened 1.3% lower, while CONTEMPORARY AMPEREX (300750.SZ) opened flat. Among chip stocks, SMIC (688981.SH) opened down 2.2%, and HUA HONG (688347.SH) fell 2.5%. The company will change its stock short name to "HUA HONG HONG LI" starting next Monday (8th). AI chipmaker CAMBRICON (688256.SH) opened nearly 1% lower. Domestic GPU names METAX (688802.SH) and MOORE THREADS (688795.SH) opened down 2.4% and 2.5%, respectively. LQKJ (688008.SH) declined 2.1%. Optical fibre producer YANGTZE OPTICAL FIBRE (601869.SH) fell 2.3%. Memory chipmaker GIGADEVICE (603986.SH) opened down 1.1%. (jl/da) Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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