Shanghai down 6% on Yuan fears and flight to safety
Shanghai down 6% on Yuan fears and flight to safety
by Ponee Tue Aug 18, 2015 9:37 am
Shanghai down 6% on Yuan fears and flight to safety
Tue, Aug 18 2015,FXStreet (Mumbai) - Chinese stock markets extended losses to trade at more than one-week low as CNY fears and the bomb explosion in Thailand triggered a flight to safety.
Equities slide as CNY weakens
The Shanghai Composite index extended losses to trade 6% lower at 3753.55 levels. The positive action on the Wall Street failed to cheer the Chinese and other Asian equity markets. The People's Bank of China (PBOC) set the midpoint rate at 6.3966 per dollar, firmer than the previous fix of 6.3969, however, the Yuan eventually slid 0.2% against the USD to 6.4086.
The Chinese markets have turned risk averse as the CNY move largely reflects the struggling domestic economy. Though the volatility has been curbed, the CNY fall is likely to have triggered capital flight out of the Chinese property market.
Property shares were moderately lower in the afternoon session, while the utilities and industrial sectors were among the hardest-hit during the 6% fall seen on Tuesday.
Ponee- Admin
- Posts : 38255
Join date : 2011-08-09 
Permissions in this forum:
You can reply to topics in this forum
» Cabinet Approves Loan Agreement for Water Supply and Sanitation Project in Baghdad
» Wiley Morgan of Gen64 on Skype Chat Friday Night ~ Updated 6/10
» Mahmoud Dagher explains the economic feasibility of removing zeros from the local currency
» Al-Rasheed Bank announces the removal of its name from the list of international sanctions of the Charter of the United Nations
» The United States allocated 140$ million to support Iraq
» USD/IQD exchange rates climb in Baghdad
» NOPEC Law
» Turkish lira weakens to 15.16 against dollar
» Here's my guess
» Tony and Twitter
» Hamza Al-Jawahiri to / NINA /: The survival of quotas and consensus will not achieve any sustainable development for the national economy / expanded
» The appearance of Muhammad Salih to / Nina /: This is how the surplus oil revenues are disposed of
» USD closes slightly higher in Baghdad on Sunday
» The Central Bank of Iraq 75 years in the face of economic challenges
» (Budget Reserve) may see the light next Wednesday
» Al-Kazemi's advisor puts forward a proposal to double growth rates
» VOTE -- Who Is The Worst Dinarland INTEL Provider Today?
» “Dedicated to Service” on Instagram
» Rehabilitation of the Church of the Virgin Mary in the province of Basra within the Tamkeen project for community initiatives
» 95% of Iraqi revenues still come from oil
» CBI foreign currency sales hike in April
» Where does the excess oil price differentials go?
» Introducing myself...
» Amer Al-Jawahiri to / Nina /: Improving economic activities in the local market is more stable than deleting confusing zeros
» Iraq's oil generates more than 10 billion dollars in one month
» USD/IQD exchange rates inched up in Baghdad
» Becky McGee/Oootah - "Wanted: Attorney and/or Lawyer!" 3/10/19
» Exchange rate game in Iraq: how speculators grossed millions of dollars in 48 hours scheme
» Holly: "Remember we are not in the know of all that goes on behind the scenes" (More Guessing Games...Just What Everybody Needs! LOL) 7/13/21
» RV INTEL BY TEXAS SNAKE, BOB LOCK AND ED OCALA (Three Blind Mice? LOL) 12/8/21
» Technical Adviser to the Prime Minister: The positive effects of changing the exchange rate will be felt more after 3 years
» An economist stresses the need to invest surplus money from oil revenues in profitable projects
» CBI sells +212$ million in the forex auction on Monday
» USD/IQD exchange rates drop in Baghdad
» Outdated laws are a major economic challenge for the next government, Allawi says
» (Initial agreement) to reduce the amount of the emergency support law to 23 trillion dinars
» Planning announces a rise in the monthly and annual inflation rate in Iraq
» Minister of Finance: The financial situation is very good and an upcoming meeting with the International Monetary Fund and the World Bank is in Baghdad
» Mazhar Muhammad Salih: The Central Bank's balance is three times more than the government's external debt