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China Yuan Drops to 8-Mth Lows, Stocks Slide as Trump Slaps On More Tariffs


Friday, 2 August 2019 15:52 WIB

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Chinese markets slumped on Friday, with investors rushing for cover after U.S. President Donald Trump slapped fresh tariffs on China citing a lack of progress in their trade talks.

Trump said on Thursday he would impose 10% tariffs on the remaining $300 billion of Chinese imports from Sept. 1, breaking a ceasefire in the trade war since his meeting with Chinese President Xi Jinping at the G20 summit in June.

The U.S. leader said Xi was moving too slowly in the negotiations, after being briefed by U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin on their meeting with Chinese officials this week, which were the first such in-person talks since the June trade truce.

Chinese shares plummeted with the Shanghai Composite Index falling 1.4%, down 2.6% for the week. The blue-chip CSI300 fell 1.5%. In Hong Kong, the Hang Seng Index shed 2.4% and H-shares 2.7% as of 07:44 GMT.

As investors sought sanctuary from volatility in safer assets, the 10-year Chinese government bond yield fell to 3.1%, its lowest since early April.

Source : Reuters


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