China Stocks Retreat as Yuan Drop, Slowing Economy Spur Selling
- Currency depreciation worries driving shares lower: Mirabaud
- Shanghai Composite pares weekly advance as banks decline
Yuan Declines for Fifth Week
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Chinese stocks traded at home and overseas declined, with the nation’s assets coming under selling pressure amid speculation policy makers will allow further yuan declines to spur growth in the world’s second-largest economy.
The Shanghai Composite Index fell 1 percent, the most in two weeks, with financial companies among the biggest decliners and as energy shares tracked oil prices lower. The Hang Seng Index was dragged down by HSBC Holdings Plc, which retreated after S&P Global Ratings downgraded the lender’s outlook to negative on possible effects from Britain’s vote to leave the European Union.