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China stock market intervention fuels flight to dollar and yen

Discussion in 'Market News' started by Lily, Jan 5, 2016.

  1. Lily

    Lily Forum Member

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    Investors worried about Beijing’s handling of troubled stock market buy safe haven assets such as the Japanese currency, now at an eight-month high

    Chinese authorities have intervened to shore up troubled domestic stock markets but failed to prevent a dash to safer havens by investors fearful that Beijing’s actions have only delayed a bigger share crash.

    China gained temporary respite after spending almost $20bn (£13.6bn) offering cheap borrowing facilities, helping the blue-chip CSI300 index to end the day with a modest decline of 0.4%. The index of the of the largest listed companies in Shanghai and Shenzhen had crashed 7% on Monday as investors reacted to poor manufacturing data, triggering a wave of selling on global stock markets.

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