Chinese stocks tumbled, extending the world’s worst selloff this year, amid waning investor confidence in the government’s efforts to revive the economy and stabilize financial markets.
The Shanghai Composite Index slid 5.3 percent at the close, extending last week’s 10 percent plunge. A record 46th month of falling factory-gate prices in December fueled pessimism over the economy, with equities closing at their lows of the day amid speculation that state-controlled funds pulled back from the market. Shares declined even after the yuan gained on a stable fixing from the central bank.
