China Stocks Enter Bear Market as Yuan Tumbles Most in 7 Months
- CSI 300 Index has dropped more than 20% from its Feb. 10 peak
- Index’s slide comes even as Beijing moves to calm nerves
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China’s equity benchmark slid into a bear market while the yuan tumbled the most in seven months, as the Federal Reserve’s hawkish comments added to investor concerns over the nation’s regulatory headwinds.
The CSI 300 Index closed 2% lower on Thursday, taking losses from a peak in February to more than 20%. The drop came despite many strategists turning more positive on Chinese stocks, betting the country’s monetary easing will benefit its equities. The yuan fell as much as 0.7%, the most since June.