The yuan weakened the most in three years. China is considering delaying a trip by its top trade negotiators to Washington this week after President Donald Trump threatened China with steeper tariffs citing slow progress in talks that were set to enter the home stretch, according to people familiar with the matter. The yield on 10-year government debt fell 6 basis points to 3.34%.
Optimism that China and the US would reach a deal on trade helped make Shanghai equities the hottest in the world earlier this year, although lackluster corporate earnings and concern Beijing is easing back on stimulus dragged the Shanghai Composite Index down nearly 6% from its April high before Monday. The benchmark has also failed to hold above a number of key support levels as popular trades unraveled.
Trump previously delayed increasing tariffs on US$200 billion in goods to 25% from 10% after agreeing to a Dec 1 truce with Chinese President Xi Jinping to give their negotiators time to work out a comprehensive agreement.
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