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China stocks fall as COVID concerns eclipse GDP expansion, reserve ratio cut

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(correct attribution to Tommy Wu from Iris Pang in paragragh 8)SHANGHAI :China stocks fell on Monday, with investors disappointed about a smaller-than-expected cut in the reserve requirement ratio (RRR) that many felt might not be enough to reverse a sharp economic slowdown.Unexpectedly strong gross d

SHANGHAI :China stocks fell on Monday, with investors disappointed about a smaller-than-expected cut in the reserve requirement ratio that many felt might not be enough to reverse a sharp economic slowdown.

The People's Bank of China said on Friday it would cut the reserve requirement for all banks by 25 basis points , releasing about 530 billion yuan in long-term liquidity to cushion a slowdown. China's gross domestic product beat analysts' expectations with a 4.8per cent increase in the first quarter from a year earlier, while data on March activity showed weakness in consumption, property and exports affected by COVID-19 curbs.

Real estate developers tumbled 4.4per cent, while banks and brokerage firms both dropped nearly 3per cent.

 

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