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Chinese Stocks in Hong Kong Fall to Global Financial Crisis Lows

  • Hong Kong dollar trades near the weakest level since 2007
  • Energy producers plunge on oil prices, Cnooc output reduction
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China's Economy: Is More Weakness Ahead?

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Chinese stocks in Hong Kong tumbled to the lowest level since the depths of the global financial crisis as a slide in the city’s dollar spurred concerns over capital outflows. Oil producers and property developers led declines.

The Hang Seng China Enterprises Index plunged as much as 5.5 percent before paring losses to close 4.3 percent lower in Hong Kong. PetroChina Co. fell to an almost 11-year low as oil extended its decline and Cnooc Ltd., China’s largest offshore oil company, said it will cut output for the first time in more than a decade. Hong Kong’s dollar traded near its weakest level since 2007 as concern about China’s slowing economy curbs demand for the city’s assets. The Shanghai Composite Index lost 1 percent.