Chinese Tech Stocks Tumble as Beijing Defends Yuan Amid Rising Economic Fears

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China’s economic woes increase the pressure on some of the country’s largest internet companies, including Alibaba, JD.com and Baidu.

Chinese tech stocks tumbled Friday, while the country’s central bank bolstered its defense of the yuan, as fears over the health of the world’s second-largest economy continued to mount.

In a bid to defend the Chinese yuan, the People’s Bank of China fixed the currency at 7.2006 per U.S. dollar. That’s significantly below the average estimate of 7.305 per dollar, ING economists said.

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