China’s Plunging Markets Flash Fresh Warning Signs on Economy

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by Boo_Randy

Will China be the first country where the central bankers lose control?

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Chinese financial markets are flashing warning signs that another round of Covid shutdowns could create more turmoil for the economy.

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The Hang Seng China Enterprises Index of stocks has lost almost 9% since June 28 as a new Covid subvariant threatens to paralyze factories, dampen consumer spending and hurt construction activity. China’s yuan, meanwhile, is renewing losses against the dollar, with the onshore rate the weakest in a month. Credit stress is also intensifying as China Evergrande Group teeters near its first onshore default, after another developer’s $1 billion delinquency revived broader contagion fears. And iron ore prices have fallen to a seven-month low.

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