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China stock markets tumble again
07 Jul 2015 08:08
Chinese stocks fell again today, taking little comfort from support measures announced by Beijing and unnerved by Chinese Premier Li Keqiang's failure to mention the market chaos in a statement on the economy.
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Before the market opened, Li said that China had the confidence and ability to deal with challenges faced by its economy.
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But he had nothing to say on the three-week plunge that has knocked around 30% off Chinese shares since the middle of June.
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China's benchmark Shanghai stock index closed down 1.3% today, narrowing earlier losses, while the Shenzhen Composite index, which tracks stocks on China's second exchange, slumped 5.3%.
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Analysts said government measures were not strong enough to reverse the downtrend, especially as it was a liquidity issue for many who had borrowed to buy shares and were now forced to sell to meet margin calls.
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Global investors have grown increasingly concerned about China's volatile stock markets, fearing a full-blown crash could destabilise the world's second-biggest economy.
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