Global ratings agency Fitch on Thursday downgraded China's sovereign credit rating, citing expectations of a continued weakening of public finances and rapidly rising debt.

The policy was put into effect by departing U.S. Ambassador Nicholas Burns in January shortly before he left China.

Regulators in Beijing have been told in recent weeks to hold back on granting approvals for Chinese companies wishing to invest in the US, Bloomberg News reported.

Chinese military extended into second day a joint exercise involving its army, navy and rocket forces near the coast of Taiwan.

China's military concluded two-day war games around Taiwan in which it held long-range, live-fire drills in the East China Sea, marking an escalation of exercises around the island.

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In addition to facing new tariffs and landing at the top of President Trump's list of "bad actors" in his tariff announcement, China has another reason to be angry: Taiwan was listed as a country. Even before Beijing has officially weighed in on the 34% tariff announced by Trump,

The former head of trader Mercuria's Beijing operation is joining China's largest private oil refining and chemical group Rongsheng Holdings in a senior position, according to four sources with direct knowledge of the matter.