Yuan eases on weaker fixing, market awaits Fed decision…

Behemoth oil stock the lone hero as China’s stocks rebound

A weeklong holiday for Chinese markets meant investors had an entire five days of news and data to digest in just one session, including an escalation of the trade war between China and the US.

Beijing has intensified cash flow across the financial system this year since policymakers are concerned on soothing capital outflow fears and strive for soothing pommeled markets amid the growing anxieties regarding frenzied trade war with the US could have a damaging effect on the broader economy.

The announcement comes after Beijing pledged to speed up plans to invest billions of dollars in infrastructure projects as the economy shows signs of cooling furhter. The yuan market at 0414 GMT: ONSHORE SPOT: Item Current Previous Change PBOC midpoint 6.8571 6.844 -0.19% Spot yuan 6.8703 6.861 -0.14% Divergence from 0.19% midpoint* Spot change YTD -5.29% Spot change since 2005 20.47% revaluation Key indexes: Item Current Previous Change Thomson 92.76 92.87 -0.1 Reuters/HKEX CNH index Dollar index 94.143 94.133 0.0 *Divergence of the dollar/yuan exchange rate.

China's IT sector was particularly hit Monday, with shares losing about 4 percent in the morning session. Shenzhen-listed shares of ZTE Corp tumbled more than 8 per cent at market open, before paring losses.

On Wall Street, the Dow Jones Industrial Average fell 0.68 percent and the S&P 500 lost 0.55 percent, while the Nasdaq Composite dropped 1.16 percent - its first weekly percentage decline since March.

Sunday's move will inject a net 750-billion yuan (US$109.2-billion) in cash into the banking system by releasing a total of 1.2-trillion yuan in liquidity, with 450-billion yuan of that to offset maturing medium-term lending facility (MLF) loans. However, it has since stabilized with the PBoC increasing liquidity support and maintaining ample liquidity. "This will likely only come when the negativity from US-China tensions and EM risks fades", said Jeff Ng, Asia chief economist at Continuum Economics.

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The US Federal Reserve move to increase the interest rates also sparked fears of more capital outflows from China.

Asian markets fell on Monday, extending last week's sell-off as another strong U.S. jobs reading further fanned expectations the Federal Reserve will hike interest rates at a quicker pace. Prior to Wednesday's market opening, the PBOC set the yuan's midpoint rate at 6.8571 per dollar, the weakest level since August 24, and 131 pips or 0.19 percent weaker than the previous fix of 6.8440.

Benchmark U.S. 10-year Treasury notes US10YT=RR rose late in the day, pushing yields down to 3.1931 percent. Before trading began on Monday, the PBOC set the midpoint of the yuan's daily trading band at 6.8957 per dollar, its weakest level since May 11, 2017.

On Monday, the yuan sank to a 22-month low of 6.93 to the dollar, making one yuan worth about 14.4 cents.

The fall in Chinese equities comes just a few days after the United States bank JPMorgan cut its outlook from overweight to neutral on the country's stock market as a result of the likely negative impact of the trade war on the country's growth.

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