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Shanghai composite slips further on trade frictions
(21-Jun-2024, 16:16 Hours IST)
Chinese shares eased today, adding to recent wave of losses and holding at two month low. Shanghai Composite index slipped 0.24 percent to 2,998.14 after media reports noted that Canada is preparing potential new tariffs on Chinese-made electric vehicles, following similar action taken by the U.S. and European Union. Meanwhile, Japan has also unveiled trade restrictions against firms in China, India, Kazakhstan, and Uzbekistan. The sanctions announced by Japan?s Ministry of Foreign Affairs on Friday mark the first time Tokyo has targeted China-based companies over their alleged links to the Russia- Ukraine war. The Chinese yuan also continued to weaken against the US dollar after the People?s Bank of China set the fixing at 7.1196 per US dollar on Friday following the currency?s fall overnight to its lowest since November. The fixing was marginally weaker than Thursday?s 7.1192 per US dollar. China's yuan has now eased to fresh seven-month low against the dollar.

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