China stocks, currency weaker on trade war escalation, state buying seen

HONG KONG - Chinese stocks were weaker on Tuesday as the tariff war between Washington and Beijing escalated though losses were contained after conciliatory comments from U.S. President Donald Trump and amid suspected state-backed buying of equities.

Zhang Qi, analyst at Haitong Securities said there was “buying of key stocks” by state-backed players, noting that “volume in morning trade is close to half of yesterday’s full session.” In late morning trade, the Shanghai benchmark was down 0.4%, while the blue-chip CSI 300 index was down 0.2%. The smaller Shenzhen market was down 0.5%.

Sticking points in Sino-U.S. negotiations remain, with White House Economic Adviser arguing for “very strong” enforcement provisions in an eventual deal, and Beijing insisting that it would not swallow any “bitter fruit” that harmed its interests.

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