Investors reacted to a speech by Chinese President Xi Jinping in Shenzhen on Wednesday, as the Shenzhen Special Economic Zone celebrated the 40th anniversary of its establishment.
Xi emphasized the importance of protecting the “legitimate rights and interests of entrepreneurs, property rights as well as intellectual property rights in accordance with the law,” according to a translation of his speech. That would “motivate entrepreneurs to start up and develop their businesses,” he said.
State media outlet Xinhua reported Sunday that the country “unveiled a new comprehensive reform plan for Shenzhen,” giving local authorities there a “more direct and greater say in business” in areas such as carrying out market-based economic reforms.
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 93.548 following levels below 93.3 seen earlier this week.
The Japanese yen traded at 105.43 per dollar, having seen levels around 105.3 against the greenback earlier in the trading week. The Australian dollar changed hands at $0.7167 following its decline this week from levels above $0.72.
Oil prices edged lower in the afternoon of Asian trading hours, with international benchmark Brent crude futures down 0.24% to $42.35 per barrel. U.S. crude futures also shed 0.27% to $40.09 per barrel.