Chinese Stocks Tumble Most Since 2020 on Stimulus Skepticism
- Benchmark CSI 300 Index slumps 7.1%, first loss in 11 sessions
- MOF says it will hold a briefing on fiscal policy on Saturday
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Chinese stocks listed onshore suffered their biggest drop in more than four years as traders grew impatient over the pace of Beijing’s stimulus measures and weak holiday-spending data hurt sentiment.
The CSI 300 Index plunged 7.1%, erasing its advance from Tuesday, when mainland markets reopened after the Golden Week holidays. While the gauge pared declines after the Ministry of Finance said it would hold a briefing on fiscal policy, selling pressure resumed to hand the measure its first loss in 11 days. An index of Chinese stocks listed in Hong Kong fell further after sliding more than 10% Tuesday. Meanwhile, the Golden Dragon index of US-listed Chinese stocks declined 3.7%.