Latest news with #TariffTensions
Free Malaysia Today
a day ago
- Business
- Free Malaysia Today
HK-listed Chinese shares near 1-month low, yuan weakens on tariff concerns
The Hang Seng China Enterprises Index declined 0.9% to the lowest since May 6, while Hong Kong's benchmark Hang Seng Index slipped 0.6%. (AP pic) HONG KONG : Chinese stocks listed in Hong Kong slipped to near a one-month low today and the offshore yuan weakened as renewed China-US tariff tensions weighed on sentiment. Tensions between the world's two biggest economies flared again after US President Donald Trump on Friday accused Beijing of violating the consensus reached in May's Geneva talks. Today, China's commerce ministry rebuked Trump, calling his comments 'groundless,' and promising to take 'forceful measures' to safeguard its legitimate rights and interests. The Hang Seng China Enterprises Index, which tracks mainland companies listed in Hong Kong, declined 0.9% to the lowest since May 6, while Hong Kong's benchmark Hang Seng Index slipped 0.6%. The offshore yuan weakened slightly to per dollar, trimming earlier losses during Asian trading hours, while the Hong Kong dollar hovered near the weaker end of its 7.75-7.85 per dollar trading band. Mainland markets are closed for the Dragon Boat Festival and will resume trading tomorrow. The declines today were across the board, with the Hang Seng Tech Index losing 0.7%, property sub index declining 1.4% and healthcare sector sliding nearly 2%. Among the biggest laggards, local property firm New World Development plunged 6.9% to near a two-month low after it deferred coupon payments. Car makers continued the slide amid ongoing price war concerns. Shares of Li Auto and Nio both lost more than 2%, while BYD weakened 1.9%. Trump and Chinese President Xi Jinping will speak soon to iron out trade issues including a dispute over critical minerals, treasury secretary Scott Bessent said over the weekend.
South China Morning Post
23-05-2025
- Business
- South China Morning Post
US ‘gold card' fails to lure rich Chinese, Shenzhen exports decline: SCMP daily highlights
Catch up on some of SCMP's biggest China stories of the day. If you would like to see more of our reporting, please consider subscribing Three months after he first floated the idea, Trump's gold card scheme appears to have fallen flat with China's wealthy, who were expected to be one of the biggest sources of demand for the controversial new visa. China's top exporting city saw its levels fall in April despite stronger-than-expected national growth, suggesting traders are not yet out of the woods amid tumultuous tariff tensions with the US. China has long been a key export market for US farmers, with America exporting more than US$12.8 billion of soybeans to the country last year. Photo: AP China's imports of American soybeans and pork plunged to zero in early May and have yet to recover despite the US-China tariff truce, suggesting the trade war may have done lasting damage to a key US export trade.
