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Chinese stocks are up as yuan rate strengthens Chinese stocks are flat as yuan rate strengthens
(about 1 hour later)
Chinese shares rose on Friday as the country's central bank raised the trading range of the yuan. Chinese shares were flat on Friday as the country's central bank raised the trading range of the yuan.
The bank set the rate at 6.3975 per dollar compared to Thursday's close of 6.3982.The bank set the rate at 6.3975 per dollar compared to Thursday's close of 6.3982.
The rate is set daily and allows a 4% fluctuation - over the past week, the bank had guided the yuan to a record low sparking fears of a currency war to help lagging Chinese exports.The rate is set daily and allows a 4% fluctuation - over the past week, the bank had guided the yuan to a record low sparking fears of a currency war to help lagging Chinese exports.
The benchmark Shanghai Composite traded 0.4% higher at 3,968.93 points. The benchmark Shanghai Composite was flat at 3,947.47 points.
In Hong Kong, the Hang Seng was up by 0.3% to 24,093.40. Following the mainland's lead, Hong Kong's Hang Seng also remained unchanged, trading flat at 24,005.92.
Japanese shares traded flat with the Nikkei 225 index at 20,590.83 points recovering from a drop in earlier trade. Japanese shares traded lower with the Nikkei 225 index closing 0.4% lower at 20,519.45 points.
Investors are anticipating Monday's release of Japan's economic growth for the past three months.Investors are anticipating Monday's release of Japan's economic growth for the past three months.
In Australia, the S&P/ASX 200 was also unchanged at 5,389.20 points as investors took a cue from Wall Street's flat close and the ongoing uncertainty over the yuan. In Australia, the S&P/ASX 200 also fell by 0.5% finishing at 5,360.90 points as investors took a cue from Wall Street's flat close and the ongoing uncertainty over the yuan.
China's currency is important to Australia as it is the main export market for the country's natural resources.China's currency is important to Australia as it is the main export market for the country's natural resources.
In South Korea, the Kospi index remained closed on Friday as the country will on Saturday mark a national holiday.In South Korea, the Kospi index remained closed on Friday as the country will on Saturday mark a national holiday.