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July 11, 2018

China shares slide at open after U.S. threatens more tariffs

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China shares slide at open after U.S. threatens more tariffs
The feet of an investor are pictured as he looks at a board showing stock prices at a brokerage office in Beijing

SHANGHAI (Reuters) - China's shares opened sharply lower on Wednesday after the U.S. said it would impose tariffs on an additional $200 billion of Chinese imports.

The Shanghai Composite index (SSEC) was 2.4 percent lower in early trade, while the blue-chip CSI300 index (CSI300) fell 2.5 percent.

Shares in Hong Kong also dropped at the open, falling 2 percent.

China's onshore yuan weakened in early trade on Wednesday, following the losing trend with its offshore counterpart, after Washington announced a new list of tariffs.

The onshore yuan opened at 6.6694 per dollar and was changing hands at 6.6746 as of 0138 GMT, 341 pips weaker than the previous late session close and 0.77 percent softer than the midpoint.

Chinese 10-year treasury futures for September delivery , the most-traded contract, were 0.24 percent higher at 95.735.

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