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[size=36]Chinese stocks fall after new US rating for Beijing[/size]
Economy | 09:03 - 06/08/2019
Follow - up to the balance of News
fell major Chinese stock indices, on Tuesday, by 2.6 to 3 percent, on the background of classification of the United States of China as a currency manipulator, as well as worsening of the trade conflict between the two countries.
The benchmark Shanghai Composite Index fell 2.67 percent to 2,746.02 points, the Shenzhen index fell 3.27 percent to 1467.60 points, and the Hong Kong index fell 2.7 percent to 2,558.13 points.
The US Treasury has classified China as a manipulative currency exchange rate, noting that it will work with the International Monetary Fund to eliminate unfair competition from Beijing.
The move comes after China allowed its yuan to drop below seven against the dollar on Monday for the first time in more than a decade. Beijing later said it would stop buying US agricultural products in a major escalation in a year-long trade war with the United States.
The sharp 1.4 percent drop from the Trump decision came on Thursday, imposing a 10 percent tariff on imports from China worth $ 300 billion, which shocked markets.
fell major Chinese stock indices, on Tuesday, by 2.6 to 3 percent, on the background of classification of the United States of China as a currency manipulator, as well as worsening of the trade conflict between the two countries.
The benchmark Shanghai Composite Index fell 2.67 percent to 2,746.02 points, the Shenzhen index fell 3.27 percent to 1467.60 points, and the Hong Kong index fell 2.7 percent to 2,558.13 points.
The US Treasury has classified China as a manipulative currency exchange rate, noting that it will work with the International Monetary Fund to eliminate unfair competition from Beijing.
The move comes after China allowed its yuan to drop below seven against the dollar on Monday for the first time in more than a decade. Beijing later said it would stop buying US agricultural products in a major escalation in a year-long trade war with the United States.
The sharp 1.4 percent drop from the Trump decision came on Thursday, imposing a 10 percent tariff on imports from China worth $ 300 billion, which shocked markets.
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