The S&P/BNY Mellon China ADR Index has plunged 15% in May, putting it on track for its worst monthly performance since October 2008.
Just three weeks ago the S&P/BNY Mellon’s ADR index was nearing a nine-month high, while the Shanghai benchmark’s first-quarter rally was its best start to a year in a decade. A slumping yuan is adding to investor pain by reducing the value of Chinese company earnings when converted into dollars. There is so far little sign that things will get better quickly. China blamed Washington for wrecking trade talks and insisted the U.S. must alter its"wrong practices” before negotiations can resume.
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