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Asia shares reach six month high as China seeks trade relief

By Ramla Soni

China wants Washington to remove tariffs on as much as $360 billion worth of imports

World shares went back to record highs as China seeks the roll back of US tariffs on as much as $360 billion (£279bn, €323bn) of Chinese imports. China is requesting this before President Xi Jinping agrees to go to the US to sign a partial trade deal with President Donald Trump.

Europe’s main markets saw a comparatively slow start, after reaching a 21-month high on Monday 4 November, whilst Asia reached its highest in six months.

China’s yuan climbed above 7 per dollar and global bond yields were on the rise.

Asian markets also surged as the People’s Bank of China cut its medium-term lending rate, the first since early 2016.

It was only a token 5 basis points to 3.25 per cent, but analysts said it underscored Beijing’s ongoing desire to support its economy, Reuters reported.

MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.5 per cent, which was last seen in early May.

This was led by gains in Chinese shares, which increased 1.3 per cent to their highest levels since late April.

Taiwanese shares also gained 0.4 per cent to near three-decade highs whilst Japan's Nikkei rose 1.34 per cent to a one-year peak.

China has said to have asked the Trump administration to remove tariffs on about $110 billion in goods that were imposed in September and lower the 25 per cent tariff rate on about $250 billion that began last year, Bloomberg reported.

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