Shares of Alibaba and other Chinese companies plunged after the warning from US President Donald Trump that White House considering to delist Chinese stocks from US stock exchange, NASDAQ.
Alibaba shares slipped more than 5% on the reports, while Baidu and JD.com also fell 3.6% and 6% respectively. There is also another threat in the air that the White House could include a block on all US financial investments in China in its goal to protect American investors. It is also rumoured that Trump is planning to prevent U.S. government pension funds from investing in the Chinese market.
China’s currency, the yuan, weakened to 7.15 against the dollar on the news.