Economics
Chinese Stocks Halted as Yuan's Slump Sends Markets Into Turmoil
- Equity rout triggers trading halt as regulator calls meeting
- PBOC cuts yuan fixing most since August; foreign reserves sink
China Trying to Limit Yuan Devaluation Pain: Nusseibeh
This article is for subscribers only.
The worst start for Chinese markets in two decades showed no signs of letting up after the central bank cut its yuan reference rate by the most since August, sparking a selloff in stocks that forced the $6.6 trillion market to shut early.
China’s CSI 300 Index plunged 7 percent, triggering a full-day trading halt less than 30 minutes into the session and prompting an unscheduled meeting at the securities regulator to assess the turmoil. The onshore yuan weakened to a five-year low as the People’s Bank of China cut its reference rate for an eighth straight day and said foreign-exchange reserves shrank by a record $108 billion in December.