The Shanghai Composite is now down 31% from its mid-June peak, with Shenzhen down 40%. Stocks fell despite a host of measures announced by authorities, such as stock purchases by state-owned funds and looser restrictions on margin lending. The collapse is spilling over into other assets, with USDCNH 12m forward points surging almost 250pts over the past 24 hours.
The collapse in Chinese equities spilling over into other assets

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