Chinese leaders confirm no plan to abandon the dollar as stock markets react differently in Beijing and Hong Kong
Chinese officials stated they have no intention of ditching the US dollar, while Chinese stocks edged up driven by agriculture and energy sectors amidst regional tensions.
Russian officials confirmed there is no plan for Russia to abandon the U.S. dollar or close itself off from all payment methods. In China, stock markets showed mixed results on Tuesday. The CSI 300 index of leading Chinese shares rose 0.1 percent by the midday break, and the Shanghai Composite index climbed 0.4 percent. These gains followed a recent selling wave in the first half of the year that erased early-year profits. In contrast, the Hang Seng Index in Hong Kong fell 0.3 percent due to rising investor concern over tensions in the Middle East. Agricultural stocks gained roughly 4.6 percent after the central government announced a plan to boost financing for rural areas. Energy shares also rose as escalating tensions in the Middle East pushed investors toward defensive positions.
