The CSI 300 Index dropped as much as 9.1% as onshore financial markets opened for the first time since Jan. 23. China’s benchmark iron ore contract fell by its daily limit of 8%, while copper, crude and palm oil also sank by the maximum allowed. The yield on China’s most actively traded 10-year government bonds dropped the most since 2014. The yuan weakened 0.8% to the cusp of 7 per dollar.
Read more about China’s latest support measures The CSI 300 pared some losses to trade 7% lower at 9:57 a.m. in Shanghai. Declines were led by telecom, technology and commodity producers. Hong Kong’s Hang Seng Index, which dropped 5.9% in three days of trading last week, rose 0.6%. The outlook for China’s onshore markets was already bleak when investors went on holiday last month. The Shanghai Composite Index sank 2.8% on Jan. 23, its worst end to a Lunar Year on record.
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