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China Shares Fall Another 1.7% on Tuesday

2024-06-22OANDAOANDA
Shares in mainland China continued their slide on Tuesday, following a massive sell-off the previous day. The Shanghai Composite fell a further 1.7% to 3,663.00, having sunk 8.5% on Monday – its biggest drop in eight years. China has tried to calm investors by reassuring it will implement prudent monetary policy to stabilise markets. The […]

Shares in mainland China continued their slide on Tuesday, following a massive sell-off the previous day.

The Shanghai Composite fell a further 1.7% to 3,663.00, having sunk 8.5% on Monday – its biggest drop in eight years.

China has tried to calm investors by reassuring it will implement prudent monetary policy to stabilise markets.

The country’s central bank said it would inject 50bn yuan (£5.2bn; $8.05bn) into the money markets.

The People’s Bank of China also insisted that the country’s main economic indicators were steadily improving.

Monday’s dramatic drop had been triggered by weak economic data on profits at Chinese industrial firms, and a disappointing survey of the manufacturing sector on Friday.

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