Stocks in China fell but the renminbi held its ground on Wednesday after US trade officials announced they would levy tariffs on a further $16bn of Chinese imports from August 23.
The CSI 300 index of major Shanghai and Shenzhen-listed stocks was down 0.6 per cent following the latest move in the escalating trade war between Washington and Beijing.
The onshore renminbi exchange rate, which moves within a trading band of 2 per cent either side of a daily mid point set by the People’s Bank of China, was 0.2 per cent firmer at Rmb6.8175 per dollar.
Other Asia-Pacific bourses were climbing after gains on Tuesday for US equities.
Tokyo’s Topix rose 0.4 per cent, buoyed by gains for the telecoms, energy, industrials and financials segments. In Hong Kong the Hang Seng index was likewise up 0.4 per cent, led by gains for energy and technology stocks.
In Sydney, the S&P/ASX 200 was 0.3 per cent higher as the key financial and basic materials segments each rose 0.5 per cent while Seoul’s Kospi Composite index edged up 0.4 per cent.