China chip index nears 3-year high as TSMC order fuels self-reliance bets

FILE PHOTO: Semiconductor chips are seen on a printed circuit board in this illustration picture taken February 17, 2023. REUTERS/Florence Lo/Illustration/File Photo

SHANGHAI: China's semiconductor index leapt close to a three-year high on Monday on bets a U.S. order halting Taiwan Semiconductor Manufacturing Co's shipments of advanced chips to Chinese customers could accelerate Beijing's self-reliance efforts.

TSMC will from Monday suspend shipments of certain sophisticated chips to some Chinese clients after receiving a letter from the U.S. Department of Commerce imposing export restrictions on those products, Reuters reported on Sunday.