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Chinese stocks tumbled sharply on Wednesday to the lowest level since October 2016 amid renewed fears of an escalation in Sino-US trade tensions.

Citing previous market performance, Zhu said the yuan has depreciated against the dollar following Washington's renewed threat of tariff hikes on Chinese goods. Similarly, the yuan fluctuations earlier this month were a natural market reaction, resulting from trade tensions that have been escalated by the US, she said.

City University of Hong Kong remains in seventh place, and further down the list at number 18 is Hong Kong Polytechnic University.

Citing statistics from the National Bureau of Statistics, the report has projected a huge market potential. As of the end of 2018, the total number of Chinese seniors (60 and above) reached 249.49 million, and it is expected to surpass 300 million in 2025.

Chinese students are attracted to European universities because of the supportive environment for academic research and quality life.