Economics
Chinese Stocks Slump to Three-Month Low
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China’s stocks fell, dragging the benchmark index to its lowest level in three months, as new restrictions on wealth-management products spurred concern that growth in bank earnings and the economy will slow.
Financial shares tumbled. Industrial Bank Co. plunged by the daily 10 percent limit and China Minsheng Banking Corp. slid by the most since 2008 after the banking regulator tightened rules on wealth-management products and the cabinet called for new measures to deregulate interest rates. China Vanke Co. led a retreat by real estate developers. China Life Insurance Co., the nation’s biggest insurer, fell 1.7 percent after profit dropped.