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Mainland China shares and yuan currency fell on Wednesday, Hong Kong and other Asian stocks as well as commodities fell after US President Donald Trump increased the stakes of the trade war ongoing with China. The Shanghai Composite Index fell 1.9%, or 52.85 points, to 2,774.78 and the CSI 300, which tracks large-cap stocks listed in Shanghai and Shenzhen, fell 1.9 %, or 66.57 points, at 3.400.95. The offshore yuan fell 0.39% to 6.6764 for a US dollar. It is set for the biggest daily drop in a week and is fast approaching a 11-month low of 6.7332 reached last Tuesday.
"We are at a total trade war," said Dai Ming, a fund manager at Hengsheng Asset Management in Shanghai. "The trade war will contain global demand in the economy and base metals will be affected by investments in slower fixed badets."
Trump will intensify the trade war in China with a list of $ 200 billion in customs revenue
morning losses which dropped 2.3 percent before finishing down 1.4 percent, or 412.53 points to 28 269.72 and breaking three days of winnings. The Hang Seng China Enterprises index fell 1.7 percent, or 187.52 points, to 10,637.45.
China fell 2.3 percent to HK $ 6.83 and the Industrial and Commercial Bank of China lost 2.3 percent. $ 5.42. Ping An Insurance (Group) lost 1.8 percent to HK $ 69.85
The monetary anchor of Hong Kong, the US-China trade war could create a perfect storm
Elsewhere, contracts to term ranging from zinc to copper and aluminum on the Shanghai Futures Exchange also feared that the new potential tariffs will reduce the demand for base metals. Zinc contracts fell 6% to 20,630 yuan a ton in Shanghai, copper 3.6% to 48,000 yuan and aluminum 1.5% to 13,965 yuan. Iron ore lost 1.3% to 455.5 yuan in Dalian
Among other Asian stock markets, the Tokyo Nikkei 225 fell 1.2%, or 270.89 points, to 21.926, the South Korean Kospi fell 0.5% and the Australian All Ordinary 0.6%
The new 10% tariff proposal on 200 billion US dollars of Chinese goods came after the Efforts to negotiate a solution to the trade dispute had failed, senior US officials said on Tuesday
. include hundreds of food products as well as tobacco, coal, chemicals, tires, dog and cat food, electronic and television components, although the list is not yet final and rates will not be applied before September. The trade war began Friday with the imposition by the United States of a first round of tariffs on $ 34 billion of Chinese goods, and China responded in kind
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