China Markets Rise; Yuan Down Versus Dollar

Chinese stocks were trading higher on Monday. The Shanghai Composite Index gained 11.08 points, or 0.35 percent to 3,207.12.

China’s industrial output increased 6.1 percent year-over-year in October, while industrial production rose 0.50 percent on a month-over-month basis.

The Chinese yuan declined versus the U.S. dollar Monday. The central parity rate of the Chinese yuan dropped 176 basis points to 6.8291 versus the greenback on Monday.

iShares FTSE/Xinhua China 25 Index (ETF) FXI shares dropped 1.13 percent to close at $35.98 on Friday, while SPDR S&P China (ETF) GXC declined 1.3 percent to close at $74.64.

The Dow Jones Industrial Average surged 0.21 percent, to 18,847.66, the S&P500 index declined 0.14 percent to 2,164.45, and the Nasdaq Composite climbed 0.54 percent to 5,237.11.

Oil prices traded lower on Monday, with the US WTI crude futures on the NYMEX declining 0.18 percent to trade at $44.07 a barrel.

Top market movers among the Shanghai Composite index are as follows:

• China Railway Group Ltd (601390: SHH) shares gained 6.2 percent to 9.44 CNY.
• China United Network Communications Ltd (600050: SHH) rose 3.2 percent to 5.47 CNY.
• CRRC Corp Ltd (601766: SHH) shares rose 2.9 percent to 10.01 CNY.

• SAIC Motor Corp Ltd (600104: SHH) shares dropped around 2 percent to 23.50 CNY.
• China Northern Rare Earth Group High-Tech Co Ltd (600111: SHH) dropped 1.5 percent to 13.50 CNY.
• Kweichow Moutai Co Ltd (600519: SHH) fell 1.2 percent to 311.37 CNY.