China Stocks, Yuan Slide as Hopes for Politburo Boost Fizzle Out
- Yuan trades near weakest on record against currency basket
- Developers lead declines in Hong Kong as new curbs announced
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Chinese equities and the yuan extended losses Wednesday afternoon, gaining downward momentum as concern over possible higher U.S. tariffs overwhelmed optimism about Beijing’s pledge to support economic growth.
The CSI 300 Index of large mainland-listed companies slid 2 percent, its biggest loss in a month. The offshore-traded yuan fell 0.17 percent to 6.8170 per dollar as of 4:59 p.m., while the yuan neared the weakest on record against a trade-weighted basket of currencies. The Hang Seng Index dropped 0.9 percent, erasing a gain of 0.7 percent, and the yield on 10-year government bonds slid 1 basis point.