At closing bell, the benchmark Shanghai Composite Index declined 0.34%, or 11.67 points, to 3,402.82. The Shenzhen Composite Index, which tracks stocks on China's second exchange, fell 0.34%, or 7.81 points, to 2,294.15. The blue-chip CSI300 index dropped 0.61%, or 30.74 points, to 4,974.29.
The U.S. President Donald Trump gave the head of the General Services Administration the go-ahead to proceed with a transition to a government led by Biden despite plans to continue with legal challenges. On Monday, the Trump administration was looking to restrict 89 Chinese aerospace and other companies from buying a range of U.S. goods and technology. That marked the latest in a series of U.S. actions, orchestrated by Trump, against China on trade, technology and geopolitics.
CURRENCY NEWS: The yuan rebounded against the dollar on Tuesday. Prior to market opening, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at a one-week low of 6.5809 per dollar, weaker than the previous fix of 6.5719. The onshore spot yuan CNY=CFXS opened at 6.5780 per dollar and was changing hands at 6.5829 at midday, 21 pips firmer than the previous late session close.
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