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China stocks follow lower global rivals as recession worries increase

On Wednesday, Chinese equities slumped and Hong Kong shares remained close to 11-year lows as concerns mounted that swift interest rate increases would push the world economy into a recession.

Share markets in other Asian countries also fell. Since the global financial crisis of 2008, the onshore Chinese yuan has weakened the most against a rising dollar, while the offshore yuan has reached its lowest point ever.

Following two days of net buying, foreign investors have sold more than 5.7 billion yuan ($800 million) worth of Chinese shares via the stock link scheme so far on Wednesday.

Stocks of non-ferrous metals declined 3.9%, those of new energy companies fell 3%, and those of aerospace and defense companies fell 2.9%.

Ahead of the Communist Party Congress in China in October, investors are reducing their exposure to risk and placing their money in the comparatively safe mainland blue chips as they watch for evidence that Beijing is prepared to solve the economic issues weighing on the country.

Following two days of net buying, foreign investors have sold more than 5.7 billion yuan ($800 million) worth of Chinese shares via the stock link scheme so far on Wednesday.

Stocks of non-ferrous metals declined 3.9%, those of new energy companies fell 3%, and those of aerospace and defense companies fell 2.9%.

Ahead of the Communist Party Congress in China in October, investors are reducing their exposure to risk and placing their money in the comparatively safe mainland blue chips as they watch for evidence that Beijing is prepared to solve the economic issues weighing on the country.

Mahnur Mehfooz
Written By

Mahnur is MS(development Studies)Student at NUST University, completed BS Hons in Eng Literature. Content Writer, Policy analyst, Climate Change specialist, Teacher, HR Recruiter.

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