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Hong Kong: Stocks rally after US trade truce

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Hong Kong stocks closed up sharply on Monday after Washington and Beijing announced a truce in their trade war.

[HONG KONG] Hong Kong stocks closed up sharply on Monday after Washington and Beijing announced a truce in their trade war.

Hong Kong's main index climbed 2.55 per cent, or 675.29 points, to 27,182.04.

The benchmark Shanghai Composite Index surged 2.57 per cent, or 66.61 points, to 2,654.80, while the Shenzhen Composite Index, which tracks stocks on China's second exchange, rose 3.27 per cent, or 43.81 points, to 1,381.55. The Chinese yuan strengthened by almost one per cent to 6.8914.

US President Donald Trump and his Chinese counterpart Xi Jinping agreed in a meeting at the G20 on Saturday to suspend any new tariffs in the escalating trade war between the world's two largest economies, which has weighed on world markets.

AFP

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