China Shares Sink to Lowest Since March 2016 as Yuan Declines
- Shanghai Composite Index is down 22 percent from January high
- Yuan weakens, with offshore rate falling for a record 11th day
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The Shanghai Composite Index sank deeper into a bear market Thursday, closing at the lowest since March 2016 as the yuan also weakened.
The benchmark retreated for a fourth straight day, sliding 0.9 percent to end the session below 2,800 points for the first time in two years. It’s now down 22 percent from a January peak. The yuan fell 0.36 percent to 6.6260 per dollar as of 5:10 p.m. local time, heading for its weakest level since November. Stocks in Shenzhen also declined.