Left Menu
Development News Edition

China shares swoon, Hong Kong plummets amid global virus panic

Reuters | Updated: 13-03-2020 07:43 IST | Created: 13-03-2020 07:43 IST
China shares swoon, Hong Kong plummets amid global virus panic

Chinese shares and the yuan weakened on Friday amid a global market meltdown triggered by intensifying fears over the global spread of the coronavirus.

The benchmark Shanghai Composite Index opened down 4.1% at its lowest level since Feb. 5 before trimming some losses. It was last down 3.2%, off nearly 10% from mid-January highs. Chinese blue-chip shares opened 4.6% lower, at their weakest point since Feb. 4, and were last down 3.5%. Shares in Hong Kong suffered steeper falls, with the Hang Seng Index down 6.1%, on track for its worst day since 2008

The yuan weakened after the People's Bank of China lowered its daily fixing for the yuan's trading band to the weaker side of the key 7 per dollar level for the first time in two weeks, at 7.0033 per dollar. That was 392 pips or 0.56% weaker than the previous fix of 6.9641, the biggest one-day weakening in percentage terms since Feb. 4, and much weaker than market expectations.

Traders and analysts said the weak fixing could be a sign that the central bank might allow some yuan weakness for now. In the spot market, the onshore yuan opened at 7.0300 per dollar and was changing hands at 7.0261 as of 0150 GMT.

Chinese 10-year government bond futures were stable amid the market ructions, with the most-traded contract, for June delivery easing 0.05% to 101.425.


TRENDING

OPINION / BLOG / INTERVIEW

Rethinking Rural Livelihoods in the Times of COVID-19

The reverse migration caused by COVID 19 pandemic has put an additional burden of about one crore people on Indian villages particularly in the states of Uttar Pradesh, Bihar, Bengal and Odisha. Besides increasing the risk of spreading the ...

‘Discounted Deaths’ and COVID 19: Anthropology of Death and Emotions

Death is a social event rather than the mere cessation of biological functions. As seen by anthropologists, death is not just physical but intensely social, cultural, and political....

Indigenous knowledge of communities a must for maximizing impact of community work

Generally, it has been observed that the majority of the academicians in higher education institutions neglect the wisdom of community people and throw their weight around thinking that they know everything and the community knows nothing. ...

In rebuking FBR, Pakistan’s courts take a stand for public health

The system, if implemented effectively, will allow Pakistans revenue service to combat the illicit trade in tobacco products and potentially add hundreds of millions of dollars to the states budget each year. ...

Videos

Latest News

Blood pressure drugs linked to lower COVID-19 mortality -study

Widely used drugs to control high blood pressure may help protect against severe COVID-19, a new study found, allaying concerns that they could make the illness caused by the coronavirus worse.Overall, patients with high blood pressure did ...

More drinkers cut than increase alcohol in lockdown, survey says

People missing out on drinking in restaurants and bars during coronavirus lockdowns are not entirely making up for it by pouring more at home, a survey of nine countries conducted on behalf of beer, wine and spirits companies showed. The In...

UK consumer confidence touches new decade low as COVID hits economy-GfK

British consumer confidence in late May fell to its lowest level since the global financial crisis over a decade ago as people worried about a rise in unemployment and falling house prices caused by the coronavirus crisis, a survey showed o...

WIDER IMAGE-Calls to suicide helpline show Thais' stress in downturn

In the weeks before she took her own life, Thai waitress Nitiwadee Sae-Tia felt growing financial pressure after she lost her job, a member of the family said. She was one of millions of Thais who lost their jobs after lockdown restrictions...

Give Feedback