Chinese Stocks Crash Again to Extend Biggest Plunge Since 1996
China's Central Bank Lowers Interest Rates
This article is for subscribers only.
Chinese shares plummeted to extend the steepest four-day rout since 1996 on concern the government is abandoning market support measures.
The Shanghai Composite Index tumbled 7.6 percent to 2,964.97 at the close, sinking below the 3,000 level for the first time in eight months. The gauge has dropped 22 percent in four days since Aug. 19. More than 700 stocks fell by the 10 percent daily limit in Shanghai on Tuesday, including PetroChina Co., the nation’s biggest company by value. Hours after the market closed, the central bank cut interest rates and lowered the amount of cash banks must set aside.