China’s economy has relied heavily on exports to support growth amid a real estate crisis that has sapped consumer confidence. In October, exports unexpectedly dropped 1.1 per cent year-on-year. Imports grew 1 per cent, also below expectations, though soyabean shipments from South America soared to record levels for October.

The White House has informed other federal agencies that it will not permit Nvidia to sell its latest scaled-down AI chips to China, The Information reported on Thursday, citing three people familiar with the matter.