China stocks slide after the overnight United States inflation report.
Don’t miss out on these fabulous Insider DealsFILE - A pedestrian passes by a Hong Kong Stock Exchange electronic screen in Hong Kong on July 21, 2023. China stocks were mixed Wednesday, March 13, 2024, as the country scrambled to avoid major real estate developer bankruptcy. – China stocks were lower Wednesday after the overnight United States inflation report that signaled a diminished possibility of the Fed's rate cut made investors cautious.
China’s local media reported Tuesday that the country’s state-owned banks may raise up to 80 billion yuan in syndicated loans to assist the property developer China Vanke in meeting its impending repayment deadlines.The rating agency Moody downgraded Vanke’s credit rating to “junk” status on Monday.
In metal trading, China central bank continued to exhibit robust gold-buying activities amid global geopolitical tensions and haven demand, which further drove up the price of gold. Official data showed that China’s gold reserves increased for a 16th-consecutive month, with gold reserves reaching 72.58 million ounces by the end of February, representing a month-on-month increase of 390,000 ounces.
Chow Tai Fook Jewellery Group saw a 0.6% increase Wednesday following last week’s 4.6% surge that pushed the stock to all-time highs. Zijin Mining Group, China’s biggest gold producer by market value, rose 2.3% in Shanghai and 3.5% in Hong Kong.
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