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China stocks edge lower on yuan depreciation worries
October 12, 2016 / 7:11 AM / in a year

China stocks edge lower on yuan depreciation worries

SHANGHAI, Oct 12 (Reuters) - China stocks dipped on Wednesday, led by resources shares, as renewed worries about weakness in the yuan hurt investor sentiment and reduced the appeal of Chinese assets.

The blue-chip CSI300 index and the Shanghai Composite Index both ended down 0.2 percent at 3,300.01 and 3,058.50 points, respectively.

The Chinese currency briefly touched a fresh six-year low on Wednesday, fuelling speculation of further depreciation as the dollar firms on growing expectations of a U.S. rate hike in December. The yuan later clawed back the losses.

Some investors were also concerned about the potential economic fallout as a growing number of Chinese cities impose restrictions on home purchases to cool soaring prices.

Most sectors fell, with raw material shares leading the decline, although property shares staged a late-afternoon rebound to end in positive territory. (Reporting by Samuel Shen and John Ruwitch; Editing by Kim Coghill)

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