China's Stocks Tumble to Lowest Levels Since Last Year's Rout
- Investors shrug off improved trade data, stabilizing yuan
- Concern about large shareholder sales hurts sentiment, Wu says
What Should China's Economic Policy Be?
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Chinese stocks dropped to the lowest levels since the depths of last year’s rout in a late-day selloff as an unexpected rebound in exports and government efforts to stabilize the yuan failed to ease investor concerns about the world’s second-biggest economy.
The Shanghai Composite Index slid 2.4 percent to 2,949.60 at the close, the lowest level since Aug. 26. PetroChina Co., long suspected to be a target of state-backed fund buying because of its large weighting in the gauge, tumbled by the most in 14 months. All 10 industry groups in the CSI 300 Index declined.