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在线翻译:
szdaily -> Markets -> 
Shares take a hit amid trade fears, weak yuan
    2018-06-28  08:53    Shenzhen Daily

STOCKS listed in Shanghai and Shenzhen extended a bruising selloff yesterday, with blue chips slumping to their worst loss in more than a year on growing concerns about the economic outlook amid a bitter trade dispute with the United States and a faltering yuan.

Investors worried a depreciating yuan could trigger capital outflows in a blow to asset prices and push up costs for domestic airlines with U.S. dollar-denominated debts.

The blue-chip CSI300 index fell 2.1 percent to 3,459.26 points, the lowest level since last May, while the Shanghai Composite Index plumbed a fresh two-year low before closing down 1.1 percent at 2,813.18 points.

There were few signs of easing trade tensions between the United States and China.

The U.S. House of Representatives overwhelmingly passed a bill Tuesday to tighten foreign investment rules, spurred by bipartisan concerns about Chinese bids to acquire sophisticated U.S. technology.

While U.S. President Donald Trump on Tuesday endorsed Treasury Secretary Steven Mnuchin’s measured approach to restricting Chinese investments in U.S. technology companies, investors remained anxious about the tense trade relations between the world’s two biggest economies.

Focus was squarely on China’s economic outlook: data showed profits at China’s industrial firms rose sharply in May, but a private survey on the nation’s manufacturing sector was less encouraging and highlighted a worrisome trend that could add to pressure on growth.

“Investors are selling blue chips because they’re growing pessimistic on the economy amid trade war fears, a sentiment that has also been driving the yuan lower,” said Yang Hongxun, analyst at investment consultancy Shandong Shengguang, adding yuan’s decline hit sectors such as airlines.

China’s yuan weakened beyond a psychologically key 6.6 per U.S. dollar level for the first time in six months yesterday, and though it recouped some of the losses by midday bets are growing for further downside amid the escalating Sino-U.S. trade row.

An index tracking major developers on the mainland tumbled 4 percent to an 11-month low.

“There have been concerns of government restrictions on property investment, which remains an important driver of growth,” Yang said.

(SD-Agencies)

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