Chinese stocks shrug, yuan and bonds decline after US trade tariffs kick in
Shanghai — Chinese stocks jumped in afternoon trade on Friday, reversing earlier losses, but the yuan remained weaker against the dollar as US tariffs on Chinese goods kicked in, escalating the trade row between the world’s two largest economies. The US imposed tariffs on $34bn of Chinese imports at 4.01am GMT. Beijing has promised to retaliate in kind. At 5.17am GMT, the benchmark CSI300 index was up 0.9%, after ending the morning session down 0.1% and earlier falling as much as 1.4%. The Shanghai composite index was 0.6% higher after falling 0.3% by the midday break. It had flirted with two-year lows in the morning session. As stocks turned around, Chinese treasury futures fell. Chinese 10-year treasury futures for September delivery, the most-traded contract, fell 0.2% to 95.640. China’s yuan was 0.3% weaker against the dollar at 6.6550. "The chances are slim for China and the US to reach an agreement on trade issues, and trade war worries will be a long-term uncertainty for at l...
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