FXStreet (Delhi) – Kit Juckes, Research Analyst at Societe Generale, notes that a dreadful start to the New Year for global market sentiment has seen circuit-breakers in action in the Chinese equity market and high-beta currencies falling across the board. Key Quotes “The Chinese market was hurt by a weak Caixin manufacturing PMI (48.2 vs. 48.6 last and 48.9 expected after better official data on Friday). The impending end to a ban on major shareholders selling stock, and possibly the introduction of circuit-breakers themselves, exacerbated the move in SHCOMP.” “It’s also worth noting that the New Zealand dollar had already dropped by over 1 ½% before the Chinese data were released. Which is just to emphasise that we can’t blame the early January FX mood entirely on China. Still, we aren’t optimistic about the Chinese economy’s prospects in 2016 and that drives a negative view of Asian currencies (ex-yen).” For more information, read our latest forex news.