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Index  »  Projects  »  phpMyEdit  »  Forum  »  Chinese stocks plunge as yuan hits one-year low

phpMyEdit General     Chinese stocks plunge as yuan hits one-year low
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upamfva     Joined: 05 May 2021   Posts: 918  
Post Posted: 2022-06-03 04:48
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Chinese stocks plunge as yuan hits one-year low


The Shanghai Stock Exchange History Research Project is an on-going research effort by the International Center of Finance to collect price and dividend information on stocks that were listed in the Shanghai Stock Exchange (SSE) during the nineteenth and beginning of the twentieth centuries.To get more shanghai market news , you can visit shine news official website.

The market for securities trading in Shanghai begins in late 1860s. More specifically, in June 1866, a list of thirteen companies, including the Hong Kong & Shanghai Banking Corporation, appeared in a local newspaper under the 'Shares and Stocks' section. According to the English newspaper in Shanghai, The North-China Herald this is the time that a 'regular system of dealing in Shares sprang up'. The operation of Shanghai stock exchange comes to a halt on December 8, 1941 when the Japanese took hold of the International Settlement. After the war ended, China assumed full control over Shanghai, the legal privilege and means of enforcing financial contracts for foreign businessmen had gone. The Shanghai Stock Exchange, as a foreign share brokers' association, never reopened again.

Professors Christos Cabolis, Wenzhong Fan, William Goetzmann, and Siew Choo (Julie) Ng have collected annual price data for all the securities listed in the Shanghai Stock Exchange from 1870 to 1940. The source of the dataset is the The North-China Herald, the English newspaper in Shanghai. The main purpose of this project is to construct complete series of data for SSE that will allow them to study long-term trends and performance.
China stocks fell off a cliff on Monday, with the Shanghai Composite Index plunging below 3,000 points for the first time in more than 20 months.

The benchmark index tumbled 5.13 percent to end at 2,928.51 points, the lowest since June 16, 2020.

The smaller Shenzhen Component Index also plummeted to 10,379.28 points, a sharp drop of 6.08 percent.

The Nasdaq-style ChiNext Composite Index, meanwhile, slumped 5.56 to 2,169 points, while the STAR 50 Index closed 6.13 percent lower at 884.3 points.

In general, shares of more than 4,500 firms listed on the main boards of the Shanghai and Shenzhen bourses posted declines.

As one of the factors dragging the indices down, the Chinese yuan dropped to a one-year low against a strengthening dollar early on Monday, extending losses after posting its worst week since 2015.

The continued yuan weakness has shocked the global capital market and directly caused the commodities sectors to lead the decline in Shanghai and Shenzhen.

The domestic resurgence of the COVID-19 pandemic has also caused the Chinese economy to weaken, spooking financial markets.

The policy easing (by China) was less than expected, and supply chains have been hit hard, causing hardships for the operation of some enterprises, according to Avic Fund Management Co.

Among commodities sectors, base metals dived 8.7 percent, precious metals fell 7.1 percent, and the iron and steel industry ended down 6.7 percent.

The sub-indexes for the Internet sector, education, computer hardware, and the aerospace and defense industry all saw sharp declines in the session.

China International Capital Corporation said that the stock market may continue to shudder in the short term. But it expected opportunities to gradually outweigh risks in the medium and long term.

 
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