SHANGHAI: China stocks on Monday closed at their lowest in more than a year as worldwide lockdowns and travel curbs to counter the coronavirus pandemic stoked fears of a global recession.
The blue-chip CSI300 index fell 3.4% to 3,530.31, its lowest since Feb. 22,2019, while the Shanghai Composite Index dropped 3.1% to 2,660.17, the weakest since Feb. 11,2019.
However, losses on the mainland were relatively limited as Beijing signalled further support for its markets and as new cases dropped in the country. The PBOC has already rolled out a raft of measures to counter the economic blow from the outbreak, including cutting lending rates and banks' reserve ratios, and doling out cheap loans for selected firms.
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