Chinese stocks ended on a positive note Monday after both Beijing and Washington agreed to pause tariffs for 90 days.
The Shanghai Composite Index, the main gauge of Chinese stocks, inched up 0.82% or by 27.25 points to 3,369.24. The Shenzhen Component Index rose 1.72% or by 174.33 points to 10,301.16.
US Treasury Secretary Scott Bessent said Washington had reached an agreement with Beijing to pause tariffs for 90 days and move down tariff levels, Reuters reported, citing remarks by Bessent in Geneva.
Bessent said both China and the US will move down reciprocal tariffs to 115%, according to Reuters.
The Chinese Ministry of Commerce said both Beijing and Washington will take action by May 14, according to the news agency.
Meanwhile, China's consumer inflation edged down 0.1% year over year in April, matching the decline forecast by economists polled by Reuters.
Factory-gate prices declined 2.7% year over year in April, the sharpest fall in six months, but softer than a 2.8% forecast by analysts polled by Reuters.
In corporate news, Hisense Home Appliances (SHE:000921, HKG:0921) finished 4% higher in Shenzhen after signing an artificial intelligence, smart logistics, and advanced manufacturing strategic deal with Midea (SHE:000333, HKG:0300).
Midea closed 1% higher.
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