China's top foundry, SMIC, reports that U.S. tariffs have not resulted in the anticipated hard landing, bolstered by robust domestic demand and effective inventory management.

"It is legitimate and lawful for China to conduct normal economic, trade and energy cooperation with all countries around the world, including Russia," China's Foreign Ministry said in response to question about Russian oil purchases posed by Bloomberg.

China accounted for 84.1 per cent of SMIC’s sales in the second quarter, compared with 12.9 per cent from the Americas.