Chinese equities have suffered the sharpest one-day crash in eight years, sending powerful tremors through global commodity markets and smashing currencies across East Asia, Latin America and Africa.
The Shanghai Composite index fell 8.5 percent despite emergency measures to shore up the market, with a roster of the biggest blue-chip companies down by the maximum daily limit of 10 percent. The mood was further soured by news that corporate profits in China are now contracting in absolute terms, falling 0.3 percent over the past year.
The violence of the moves unnerved investors worldwide, stirring fears that the Communist Party may be losing control after stoking a series of epic bubbles in property, corporate investment and equities to keep up the blistering pace of economic growth.
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3 comments:
That sucky sucky big time soldier boy.
Europe and the US are next.
China market is a lot like their food , it just don't stay with you very long. China is nothing more than a communist society or an attempt to socialism , it just don't work. Right Obama? Back to Kenya you idiot!
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