SHANGHAI (June 19): Shanghai stocks tumbled nearly 4% on Tuesday to a two-year low as US President Donald Trump's fresh tariff threats against China raised the spectre of a full-blown trade war.
The Shanghai Composite Index plunged more than 5% at one point in late trade before finishing the session down 3.8% at 2,907.82 points.
The blue chip CSI300 index fell 3.6% to 3,621.12.
"It's the darkest hour...the most agonizing moment in the first half," Zhang Yidong, strategist at Industrial Securities wrote on Tuesday.
Chinese smartphone maker Xiaomi has lowered its likely valuation to between US$55 billion and US$70 billion following its decision to delay its mainland share offering until after its Hong Kong IPO, three sources with direct knowledge of the matter said.