Feb 5, 202515:52GMT+7
Key points:

• Mainland markets return to tariffs after week-long break
• HK-listed Chinese shares have surged this week
• Firm yuan fixing shows Beijing's resolve to minimise volatility

(Reuters) - China's stocks and currency came under pressure as markets returning from a week-long break were greeted by a new trade dispute with the United States and ructions in the global artificial intelligence sector.
Tariffs so far have been less than what the Trump administration had initially indicated and relief was evident in Hong Kong, where Chinese stocks rallied this week.
Meanwhile, enthusiasm around China's artificial intelligence company DeepSeek bolstered AI stocks.
While investors were taking money off the table, declines have so far been limited with both the bluechip CSI300 and the Shanghai Composite Indexesending the session roughly 0.6% lower. Investors are now mostly focused on what Beijing might do to bolster confidence.
Kaiyuan Securities analyst Wei Jixing said President Donald Trump's 10% tariffs on Chinese goods had largely been priced in.
"China's market will likely overlook the tariff disruptions, as DeepSeek is repairing risk appetite, while investors look forward to more proactive domestic policies," Wei said, referring to the new low-cost Chinese AI model that stunned markets last week.
China's central bank on Wednesday set the yuan midpointat 7.1693 per dollar, the strongest level since Nov. 8,2024, which investors read as a sign of Beijing's reluctance to immediately resort to currency depreciation in response to U.S. tariffs.
Yuan weakness helped blunt the impact of tariffs in U.S. Trump's first term as president, and the fix is widely followed for clues to China's negotiating stance on tariffs.

Sumber : Reuters