China has just provided a very timely reminder to investors of the dangers of under-estimating rising global geopolitical tensions, as US President Donald Trump pushes ahead with his America First agenda.

Reports of Beijing's apparent move to rattle global bond markets with a thinly veiled threat to stop funding yawning US budget deficits comes after a series of major Chinese acquisitions have run into trouble in the past fortnight, as Washington takes a much harder line on Chinese investment.