China Stock Markets Trading Higher

Chinese stocks were trading higher on Friday. The Shanghai Composite Index gained 19.22 points, or 0.61 percent to 3,190.50.

The Chinese yuan dropped versus the U.S. dollar Friday. The central parity rate of the yuan slipped 230 basis points to 6.8115 versus the greenback on Friday.

iShares FTSE/Xinhua China 25 Index (ETF) FXI shares dropped 0.95 percent to close at $36.39 on Thursday, while SPDR S&P China (ETF) GXC declined 1.33 percent to close at $75.62.

The yield on the 10-year U.S. Treasury note increased to 2.118 percent overnight. U.S. stocks closed mostly higher overnight. The Dow Jones Industrial Average surged 1.17 percent, to 18,807.88, the S&P500 index gained 0.20 percent to 2,167.48, and the Nasdaq Composite dropped 0.81 percent to 5,208.80.

Oil prices traded lower on Friday, with the US WTI crude futures on the NYMEX declining 0.45 percent to trade at $44.46 a barrel.

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

• China Railway Group Ltd (601390: SHH) shares gained 4.5 percent to 9.11 CNY.
• China Northern Rare Earth Group High-Tech Co Ltd (600111: SHH) rose 4 percent to 13.72 CNY.
• CRRC Corp Ltd (601766: SHH) shares rose 3.8 percent to 9.79 CNY.

• Kweichow Moutai Co Ltd (600519: SHH) shares dropped around 0.8 percent to 316.50 CNY.
• Industrial Bank Co Ltd (601166: SHH) dropped 0.3 percent to 16.31 CNY.