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Chinese stocks are hitting the worst crash since 2008

July, 27 2021
watermark Economic news

According to the results of the last two trading sessions, shares of Chinese companies listed in the United States have experienced their strongest decline since 2008. In particular, the Nasdaq Golden Dragon China Index, which tracks quotations of 98 organizations from China, fell by almost 15% in two days.


A panic sell-off has swept the stock market amid wider regulatory crackdown on tech companies and China's IT sector. Moreover, on Monday, the authorities announced a reform in the field of out-of-school education and the introduction of new requirements for food delivery services.


Hong Kong's Hang Seng Index fell 4.42% to 25.060, while its tech index fell 6.7% to its lowest level in more than a year. The iShares MSCI China A ETF fell 4.0% and the Shanghai Shenzhen CSI 300 fell 3.5% to its lowest level since October.


In addition, the Chinese application WeChat temporarily stopped user registrations, and the company that owns the service, Tencent, lost more than $ 100 billion in market value in two days.


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Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.