China stocks hits monthly lows on regulatory curb concerns

Dhwani Mehta FXStreet

Chinese stocks dropped to fresh one-month lows on Thursday on concerns the government will act to cool speculative activity in the nation’s financial markets. The decline was mainly led by by property and small-cap stocks.

The Chinese benchmark index, the Shanghai Composite recovered some ground at close, settling the day -0.57% at 3,068, heading for its biggest decline since July 27 and breaching the crucial 200-DMA support.

Bloomberg reports, “The government on Wednesday imposed limits on lending by peer-to-peer platforms to individuals and companies in an effort to curb risks in one part of the loosely regulated shadow-banking sector. The same day it sold 14-day reverse-repurchase agreements, its first offering of anything with a tenor other than seven days since February, spurring speculation officials want to curb leverage in the bond market by making it less profitable for investors borrowing to buy 10-year debt.”

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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