Asia stocks end the week on a mixed note

<p>There was little movement in markets as the yuan remained stable.</p>

Asian stocks were mixed today (August 14th) as China's currency stabilised after three consecutive days of devaluation. The yuan’s central parity rate stood at 6.401 yuan for $1 – unchanged from the previous day’s.

Investors were reassured when the institution reiterated that there was no basis for continued currency depreciation yesterday.

In a press conference in Beijing, it said the country's strong economic environment, sustained trade surplus, sound fiscal position and deep foreign exchange reserves remain "strong support" for the exchange rate.

The yuan fell about three per cent this week in a moved aimed at boosting Chinese exports.

"Market sentiments are noticeably more composed today," said Bernard Aw, a market strategist at IG. "However, there may not be any large positioning ahead of the weekend and any gains in the risk asset markets are expected to be modest."

Japan's Nikkei 225 edged down 0.3 per cent to 20,519.45 while Hong Kong's Hang Seng gained 0.1 per cent at 23,981.95. China's Shanghai Composite Index added 0.3 per cent to 3,965.64, while Australia's S&P/ASX 200 slid 0.5 per cent to 5,356.50. South Korea's market was closed for a holiday.

Build your confidence risk free
Join our live webinars for the latest analysis and trading ideas. Register now

StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.