Offshore Chinese stocks, yuan tumble after Trump imposes tariffs

Reuters10:28

Offshore Chinese stocks, yuan tumble after Trump imposes tariffs

HONG KONG, Feb 3 (Reuters) - Chinese stocks listed in Hong Kong slid on Monday and the yuan sank to a record low in offshore trade on their return from the Lunar New Year holidays, as fears of a trade war heightened after U.S. President Donald Trump imposed sweeping tariffs.

The Hang Seng China Enterprises Index .HSCE lost 1.8% in early trade, and the Hang Seng Tech Index .HSTECH tumbled 2.5%, the biggest drop in more than two months.

Hong Kong's benchmark index .HSI lost 2.1% to a one-week low.

Hong Kong's markets reopened on Monday while those on the Chinese mainland resume trade on Wednesday.

The offshore yuan CNH=D3 weakened to 7.3512 against the dollar, having earlier pushed to a record low of 7.3765 yuan.

Trump slapped China with a 10% levy at the weekend as he had threatened last month, calling the measures necessary to combat illegal immigration and the drug trade.

China said it would challenge Trump's move at the World Trade Organization and take other "countermeasures".

(Reporting by Jiaxing Li in Hong Kong; Additional reporting by Ankur Banerjee in Singapore; Editing by Jacqueline Wong)

((jiaxing.li@thomsonreuters.com))

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