Here We Go Again: Chinese Stocks Plunge, Give Up Early Gains Despite Yuan Fix Unchanged
Thursday, January 7, 2016 22:00
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from Zero Hedge
Update: *SHANGHAI COMPOSITE INDEX FALLS 2.04%(AFTER BEING UP 3.2%)
[...] And CSI Futures are tumbling…
[...] Not a pretty week…
[...] Shifting notavkly from the opening color that we detailed earlier..
With all eyes on Chinese FX and equity markets, following the worst start to a year for US (and Chinese) stocks in history, PBOC decided (after 7 straight days of devaluation and 7% devaluation since August) to halt the run and increase Yuan fix by a paltry 0.01% to 6.5636 (notably below yesterday’s 6.5939 CNY close). Offshore Yuan is strengthening and US equity markets are jumping. Chinese equity markets (now theoretically unhampered by their circuit-breaker panic switch) are far less impressed.
Continue Reading at ZeroHedge.com…
Source: http://financialsurvivalnetwork.com/2016/01/here-we-go-again-chinese-stocks-plunge-give-up-early-gains-despite-yuan-fix-unchanged/?utm_source=rss&utm_medium=rss&utm_campaign=here-we-go-again-chinese-stocks-plunge-give-up-early-gains-despite-yuan-
