The Shanghai Composite Index added 0.9 percent as of 10:31 a.m. local time after losing 5.6 percent Monday. The declines, which wiped out $487 billion from the value of Chinese shares, followed two tweets from U.S. President Donald Trump threatening to raise tariffs on Chinese goods this week over the pace of trade talks. His top trade negotiator late Monday confirmed the plans. The yuan weakened 0.2 percent in offshore trading.
“Markets are shaky right now,” said Yu Yingbo, investment director at Shenzhen Qianhai United Fortune Fund Management Co. “The uncertainties are still too many. Trump has taken advantage of the one factor that the Chinese government has little control over.” . An article published by the China Securities Journal, one of the country’s most widely circulated financial dailies, argued that the bull market will resume. Only one Chinese-language newspaper featured escalating trade tensions on its front page.
Shares in Hong Kong also edged higher, with the Hang Seng China Enterprises Index advancing 0.4 percent.
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