Chinese shares fell to the lowest level since before the Covid-19 pandemic, as Beijing’s latest efforts to prop up the country’s stock market failed to stem a sell-off driven by slowing economic growth, a liquidity crisis in the property sector and geopolitical tensions. The CSI 300 index of large and liquid Shanghai- and Shenzhen-listed stocks fell as much as 1.3 per cent on Monday to about 3,463, marking the equity benchmark’s lowest level since 2019.
“Only then they can start pricing things up.” Offshore investors using Hong Kong’s Stock Connect programme to trade onshore Chinese stocks have sold a net Rmb169bn worth of shares since the start of August, leaving net inflows for the year down more than 70 per cent from their peak at just Rmb66bn. Downward pressure on prices has persisted despite Chinese authorities rolling out support measures in recent weeks, some of which had not been deployed since the global financial crisis.
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