November 18, 2024 at 03:04 am EST
(MT Newswires) -- Chinese shares retreated on Monday, three days after the government said it would slash or revoke export tax rebates for a number of commodities by December.
The Shanghai Composite Index, the main gauge of Chinese stocks, slipped 0.21% or 6.88 points, to 3,323.85. The Shenzhen Component Index fell 1.91% or 204.95 points to 10,544.02.
The Chinese Finance Ministry will slash export tax rebates on various refined oil, solar power, batteries, and non-metallic mineral products to 9% from 13% effective Dec. 1.
It will also remove rebates for aluminum and copper products, and modified animal, plant, or microbial oils and fats.
Meanwhile, Chinese banks logged a foreign exchange settlement surplus of about $18.2 billion in October, with forex purchases reaching $216.4 billion during the month while sales were at $198.2 billion.
In renminbi terms, banks purchased 1.538 trillion yuan while they sold 1.408 trillion yuan, leading to a surplus of 129.7 billion yuan.
In the corporate front, Chinese magnetic material components maker Lingyi iTech Guangdong's (SHE:002600) shares fell 9% after it said it will issue about 2.14 billion yuan of convertible bonds.

Sumber : MT Newswires