05/22/2023 04:25am EDT
SHANGHAI, May 22 (Reuters) - Chinese stocks closed higher on Monday after the country's central bank vowed to support economic growth and U.S. President Joe Biden said he expected a thaw in frosty relations with China "shortly".
** China's blue-chip CSI300 Index was up 0.6%, while the Shanghai Composite Index gained 0.4%.
** Hong Kong's benchmark Hang Seng Index rose 1.2%, while the China Enterprises Index added 1.5%.
** The fundamentals of China's economic stability and long-term improvement have not changed, its central bank said on Friday, adding it would enhance the stability of total credit growth.
** Consumer-related sectors led the gains as some investors bought the dip from losses fuelled by disappointing retail sales data released last week.
** Liquor makers rose 2.7% and consumer staples added 2.1%.
** Shares in some Chinese memory chipmaking-related companies were up after China failed U.S. memory chip rival Micron Technology Inc's products in a security review.
** Gigadevice Semiconductors, Ingenic Semiconductor, and Shenzhen Kaifa technology climbed between 1% and 3%.
** Biden on Sunday said the Group of Seven nations were agreed in their approach to China and the need to diversify their supply chains so that they are not dependent on one country.
** "We're not looking to decouple from China. We're looking to de-risk and diversify our relationship with China," he said.
** Meanwhile, China's foreign ministry urged the U.S. to have the right understanding of China, meet it halfway and bring bilateral relations back on track.
** Tech giants listed in Hong Kong advanced 2.1%, with short video platform Kuaishou Technology up 6.9% ahead of its earnings.
** Separately, China kept its benchmark lending rates unchanged for the ninth month in May on Monday, matching market expectations.
** Goldman Sachs said that symbolic measures such as a reserve requirement ratio (RRR) cut are more likely than policy rate cuts this year given the already wide U.S.-China interest rate differential and depreciation pressure on the yuan.
(Reporting by Shanghai Newsroom; Editing by Sonia Cheema)

Sumber : Reuters