MNI China Press Digest August 12: Tariff Truce, Bonds, Stocks

MNI (BEIJING) - Highlights from Chinese press reports on Tuesday:

• China and the U.S. will extend by 90 days the pause on 24% reciprocal tariffs, along with China’s non-tariff countermeasures, according to a joint statement following their meeting in Stockholm. China’s Ministry of Commerce said the suspension of the unreliable entity list and export controls on dual-use items against U.S. companies will be extended.
• Overseas central bank–type institutions will no longer need to provide a compliance commitment letter when opening accounts to invest in China’s interbank bond market starting Monday, Securities Times reported. The move will further improve efficiency and convenience for overseas central banks or monetary authorities, international financial organisations, and sovereign wealth funds investing in China’s bond market, the newspaper said.
• The benchmark Shanghai Composite Index hit a new high this year, reaching an intra-day peak of 3,650 on Monday, China Securities Journal reported. The turnover in the A-share market exceeded CNY1.8 trillion, with over 4,100 stocks rising and over 80 of them hit the day limit, the newspaper said.