June 11, Wednesday

High-Level Voices: 
On Tuesday, Chinese Vice Minister of Commerce Li Chenggang stated that the China-US negotiation teams, after two days of talks, have reached a consensus on the trade framework and will report back to their respective leaders.

Overall Sentiment: 
Yesterday, both A-shares and H-shares experienced a dramatic plunge. Right after the market opened in the afternoon, all indices for A-shares and H-shares plummeted, primarily due to rumors circulating since noon about unsuccessful trade negotiations. Initially just rumors, a Xinhua News Agency post at 1:02 PM stated:
"China-US relations are at a critical juncture, and both sides should adhere to principles of mutual respect, peaceful coexistence, and win-win cooperation to expand the list of cooperative initiatives and grow the pie of collaboration." This essentially confirmed the rumors, triggering an immediate market dive.
Subsequently, all financial media accounts that reposted the Xinhua article were banned.