In China Stocks, a $2.3 Trillion Rebound Is Giving Way to Gloom
Shanghai Composite endures its worst week since October
Beijing’s shift in stimulus tone has undermined confidence
Shanghai stocks lost 5.6 percent, the most since October, after the government signaled it will pare back support for the economy amid evidence of a recovery. Sovereign bonds, which are rapidly turning into Asia’s worst performers, also slumped.
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China’s yuan will head in time to its weakest since 2008, and the country’s stock slump also has further to go, according to the veteran global economist George Magnus. The currency’s decline will only deepen as monetary policy on the mainland diverges from that of the Federal Reserve, Magnus said in a telephone interview this […]