Chinese Shares Advance, Yuan Touches Weakest Level in a Decade
- Yuan hits lowest since 2008 before reversing loss in afternoon
- Securities regulator encourages investment; Trump talks trade
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Chinese stocks extended gains as the market regulator said it would encourage long-term funds to invest in shares, while the yuan fell to the weakest since May 2008 before erasing its loss.
The Shanghai Composite Index rose 1 percent Tuesday, building on a morning rally that came as U.S. President Donald Trump spoke about a trade deal. The yuan was up 0.03 percent at 6.9602 per dollar as of 4:40 p.m. local time having earlier weakened to 6.9724. The positive mood didn’t roll into Hong Kong, where the Hang Seng Index dropped 0.9 percent, extending its October loss to 12 percent.