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WorldPosted at: Jun 29 2016 10:30AM


China, Hong Kong stocks track global rebound as Beijing soothes investors

SHANGHAI, Jun 29 (Reuters) China and Hong Kong stocks joined a global market rebound on Wednesday morning as panic triggered by the Brexit vote eased, and Chinese authorities moved to calm investor sentiment.China's blue-chip CSI300 index rose 0.3 percent, to 3,146.75 points by the lunch break, while the Shanghai Composite Index gained 0.5 percent, to 2,926.46 points.In Hong Kong, the benchmark Hang Seng index rose 0.7 percent. But the Hong Kong China Enterprises Index lost 0.3 percent.And in an apparent effort to ease fears of rapid yuan depreciation, China's two main official securities newspapers said in front-page articles on Wednesday that there has been no panic selling of the yuan, and market expectations for the currency's value remained steady.This followed similar remarks by China's central bank on Tuesday, amid fears that Beijing may be considering devaluing the currency again after Brexit.In a report published this week, BofA Merrill Lynch Global Research said it expected the yuan to depreciate to pick up, which could trigger more capital outflows, potentially tightening financial conditions.ANZ predicted that China's exports will be hit by Brexit in the near term, similar to the eurozone debt crisis in 2011-12.The downbeat tone was reflected in a reported published on Wednesday by the China Academy of Social Sciences CASS.The government think tank forecast China's economy would grow at about 6.6 percent this year - slightly down from its previous forecast - and would need to be underpinned by policy support in the second half to counter downward pressures.But on Wednesday morning, most sectors rose in China and Hong Kong.The Hong Kong-listed shares of China Vanke fell to 1-1/2 year lows, as the power struggle between the developer's management and major shareholders continues to dent investor confidence.
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