China’s stock market fell and its currency weakened on Wednesday after the Trump administration said it was moving forward with new tariffs on $200bn worth of Chinese imports, shattering the fragile calm that had returned in recent days.
The CSI 300 index, which tracks Shanghai- and Shenzhen-traded blue chips, was down 1.9 per cent at midday. The renminbi was 0.4 per cent softer against the US dollar after dipping to its weakest intraday level since July 3.
The escalating trade war is adding to downward pressure on China’s economy from a slowdown in infrastructure investment and reduced subsidies for the property market.
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