The Direxion Daily FTSE China Bull 3X Shares (YINN) plummeted by 10.9% on Monday, as investors braced for a potential escalation in trade tensions between the U.S. and China following reports of Donald Trump's lead in the ongoing presidential election count.
YINN, a leveraged exchange-traded fund (ETF) that tracks the performance of Chinese stocks, was hit hard by fears that a Trump victory could lead to the imposition of higher tariffs on Chinese goods, further straining the relationship between the world's two largest economies.
Hong Kong-listed stocks and the offshore Chinese yuan took a beating in Asian trading, with the Hang Seng Index plunging 2.83% and the yuan weakening more than 1% against the U.S. dollar. Major Chinese tech giants, including Alibaba, JD.com, and Baidu, also saw their shares slide in pre-market trading.
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