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China shares fall as key lending rate left unchanged

Mon 21st September, 2020 6:06am
* SSEC -0.41%, CSI300 -0.52%, HSI -0.95%
    * China leaves one-year, five year LPR unchanged
    * China President Xi says economy remains resilient

    SHANGHAI, Sept 21 (Reuters) - China stocks fell on Monday,
dragged lower by consumer staples and financials, after China
left its benchmark lending rate unchanged, with profit taking
after expectations of more stimulus measures had lifted
sentiment in the previous session.
   
** At the midday break, the Shanghai Composite index  .SSEC  was
down 0.41% at 3,324.25 points. China's blue-chip CSI300 index
 .CSI300  fell 0.52%.
 
** The financial sector sub-index  .CSI300FS  fell 0.52% after
soaring 3.87% on Friday, while consumer staples  .CSI000912 
eased 1.38% after gaining 1.69% on Friday.
 
** China kept its benchmark lending rate for corporate and
household loans, the loan prime rate (LPR), steady for a fifth
straight month, as expected.  urn:newsml:reuters.com:*:nAZN00E3O9
 
** The decision came after the People's Bank of China kept
medium-term borrowing costs unchanged, and after President Xi
Jinping said China's economy remains resilient.  urn:newsml:reuters.com:*:nL3N2GG010  
 
** Analysts at ING said they did not expect China to change its
monetary stance unless the country faced a resurgence of
COVID-19 cases, an escalation in the Sino-U.S. technology war or
increasing damage from the trade war. 
 
** A U.S. judge blocked the Trump administration from requiring
Apple Inc  AAPL.O  and Alphabet Inc's  GOOGL.O  Google to remove
Tencent Holding's  0700.HK  messaging app WeChat for downloads
by late Sunday.
 
** Tencent shares were 1.24% lower at midday in Hong Kong. 
 
** Chinese H-shares listed in Hong Kong  .HSCE  fell 0.64% to
9,740.4, while the Hang Seng Index  .HSI  lost 0.95% to
24,223.09. 
 
** Hong Kong shares of HSBC  0005.HK  fell 2.91% and Standard
Chartered  2888.HK  shares lost 2.69% after media reports that
they and other banks moved large amounts of allegedly illicit
funds over nearly 20 years despite red flags about the money's
origin.  urn:newsml:reuters.com:*:nL3N2GI0EO
 
** The smaller Shenzhen index  .SZSC  fell 0.09%, the start-up
board ChiNext Composite index  .CNT  0.46% weaker and Shanghai's
tech-focused STAR50 index  .STAR50  fell 0.4%​.
 
** The yuan  CNY=CFXS  was quoted at 6.7584 per U.S. dollar,
0.17% firmer than the previous close of 6.77. 
 

 (Reporting by Andrew Galbraith; Editing by Rashmi Aich)
 ((Andrew.Galbraith@tr.com; +86 21 2083 0079; Reuters Messaging:
andrew.galbraith.thomsonreuters.com@reuters.net ; Twitter: https://twitter.com/apgalbraith))
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