China Stocks Resume Slide as Yuan Rebound Fails to Soothe Nerves
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Chinese equities closed at the lowest since March 2016, resuming their slide as the planned imposition of U.S. tariffs on Friday overshadowed one of the yuan’s strongest days this year.
After a small and short-lived early morning gain, the Shanghai Composite Index fell steadily through the day, closing down 1 percent. The gauge has dropped more than 10 percent over the past month, making it one of the world’s worst performing benchmarks, along with an index of Chinese stocks listed in Hong Kong. Property developers were again among the hardest hit, as a state researcher warned of mounting bad debt in the sector.