China Shanghai composite index ends 0.71% higher

Asian stocks ended mixed on Tuesday as U.S.-China tensions and jitters around the yuan offset growing optimism around chip stocks.

The dollar edged down towards one-week low in Asian trade as investors speculated on the possible outcomes of President-elect Donald Trump's tariff plans.

Gold ticked higher while oil extended overnight losses despite lingering concerns about Russian and Iranian supply amid sanctions.

China's Shanghai Composite index closed 0.71 percent higher at 3,229.64, reversing early losses after the United States has placed Tencent Holdings Ltd. and Contemporary Amperex Technology Co. Ltd. on a blacklist due to alleged links to the Chinese military.

Chinas foreign exchange reserves fell to $3.2 trillion in December 2024, the lowest in eight months, from $3.26 trillion in November. The decline came as the yuan weakened 1.2% and the US dollar strengthened 2.6%. Gold reserves edged up to 73.29 million troy ounces, but their value dropped to $191.34 billion due to lower gold prices.

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