Chinese shares and the yuan strengthened on Friday after the U.S. imposed higher...
SHANGHAI/HONG KONG - Chinese shares and the yuan strengthened on Friday after the U.S. imposed higher tariffs on imports of $200 billion worth of Chinese goods and China vowed retaliation, as domestic investors looked to continuing Sino-U.S. trade talks for signs of hope.
China’s benchmark Shanghai Composite index and blue-chip CSI300 index dipped briefly into the red as trading resumed for the afternoon, but quickly reversed course.“All the negative news is out there, and uncertainty is eliminated,” said Zhang Yanbin, an analyst at Zheshang Securities. He added that sharp falls in Chinese shares in recent days limited the room for further sharp drops.
China’s yuan was 0.3% stronger at 6.8071 per dollar, despite China’s central bank setting the midpoint of the currency’s daily trading band at its weakest level in 3-1/2 months before the market open, at 6.7912 per dollar. Zhou Hao, senior EM economist at Commerzbank in Singapore said rises in the yuan were largely triggered by changes in the market sentiment.
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