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1st LD-Writethru: Chinese shares close mixed Wednesday

Xinhua, June 29, 2016 Adjust font size:

Chinese stocks closed mixed on Wednesday, with the benchmark Shanghai Composite Index up 0.65 percent, at 2,931.59 points.

The smaller Shenzhen index closed 0.02 percent lower at 10,460.97 points.

Turnover on the two bourses stood at 644.3 billion yuan (97.1 billion U.S. dollars).

Insurance and non-ferrous metals made gains, while satellite navigation lost.

In an attempt to restore confidence in China's capital market, "China Securities Journal" and "Shanghai Securities News" both said in front-page articles on Wednesday that there has been no panic selling of the yuan, and market expectations for the currency's value remained steady.

J.P. Morgan said in a research note that the exchange rate of the yuan would weaken to 6.75 against one U.S. dollar by the end of 2016, but said this is more likely to be driven by a strong dollar rather than the depreciation of the yuan.

The ChiNext Index, which tracks China's NASDAQ-style board of growth enterprises, lost 0.31 percent to close at 2,209.79 points. Endit