SHANGHAI: Chinese stocks hit nine-month lows and the yuan tumbled on Monday, as efforts by authorities to revive demand failed to excite investors who are becoming less confident in Beijing's ability to restore momentum in the economy.
The declines came even as listed firms and fund managers heeded the securities regulator's call and rushed to unveil share purchases over the weekend. Earlier on Monday, China lowered its one-year benchmark lending rate, but surprised markets by keeping unchanged the five-year rate - on which mortgage rates are based.
More than 30 companies including chipmaker Loongson Technology Corp and Xian Manareco New Materials Co said in identical statements that their controlling shareholders had proposed buying back shares because of"confidence in the companies' future development and value".