Chinese stocks have hit multi-year lows in New York and Hong Kong amid growing concerns about China’s rising Covid cases and economic outlook.
The plunge comes at a time when members of China’s ruling Communist Party are meeting for the 20th Party Congress, a major leadership reshuffle that sets the tone for policy for the coming years. In Hong Kong, the benchmark Hang Seng\n \n Index tumbled as much as 3% in Thursday’s morning trade. By early afternoon, it pared losses to 1.1%, on track to hit its lowest close since October 2011, according to Refinitiv.
9%, while the Japanese yen hit a fresh 32-year low against the dollar. South Korea’s Kospi fell 0.8%. Australia’s S&P/ASX 200 lost 1.1%. But China’s Shanghai Composite Index reversed earlier losses and edged up 0.3%. Analysts are concerned about China’s growth outlook after Xi Jinping’s opening speech at the 20th party congress.
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