Xi Leaves China Stocks in Tatters With Record Post-Congress Drop
- Hang Seng China gauge’s 5-day drop worst ever after congress
- Intensity of selloff leaves global and local investors shocked
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China stocks’ frenzied week has ended how it began: with jaw-dropping losses.
Distraught over President Xi Jinping’s power grab and his recommitment to the Covid Zero strategy at the Communist Party Congress, investors rushed to exit Chinese shares, triggering an epic rout on Monday. The selloff resumed with a vengeance on Friday, sending an index of Chinese shares traded in Hong Kong to the lowest level since 2008 and turning it into the world’s worst-performing stock gauge for the year.