China Stocks Fall to 7-Week Low as PBOC Fails to Cut
This article is for subscribers only.
Chinese stocks slumped, dragging the benchmark gauge to the lowest level in seven weeks, as small companies dropped and the central bank’s first cash injection in two weeks failed to reduce money-market rates.
Tsinghua Tongfang Co., a maker of personal computers, tumbled 4 percent to lead losses among technology companies. Zhejiang Beingmate Technology Industry & Trade Co. fell 7 percent after net income plunged. The ChiNext index of small companies slid 1.4 percent, paring a loss of as much as 5.8 percent, as price swings approached last week’s record high. The fixing on the seven-day money-market rate rose seven basis points to 5 percent. Ping An Bank Co. rallied 7.5 percent, pacing gains for financial companies.