China Halts Stock Trading After AFTER 30 MINUTES.. 7% DECLINE Triggers Circuit Breaker

China Halts Stock Trading After 7% Rout Triggers Circuit Breaker – Bloomberg Business

Chinese stock exchanges closed early for the second time this week after the CSI 300 Index plunged more than 7 percent.

Trading
of shares and index futures was halted by automatic circuit breakers
from about 9:59 a.m. local time. Stocks fell after China’s central bank
weakened the currency’s daily reference rate by the most since August.

“The
yuan’s depreciation has exceeded investors’ expectations,” said Wang
Zheng, Shanghai-based chief investment officer at Jingxi Investment
Management Co. “Investors are getting spooked by the declines, which
will spur capital outflows.”

Under
the mechanism which became effective Monday, a move of 5 percent in the
CSI 300 triggers a 15-minute halt for stocks, options and index
futures, while a move of 7 percent close the market for the rest of the
day. The CSI 300 of companies listed in Shanghai and Shenzhen fell as
much as 7.2 percent before trading was suspended.

Chinese stocks
in Hong Kong, which doesn’t have circuit breakers, slumped 4.4 percent.
The offshore yuan fell to a five-year low before erasing losses.

Here We Go Again: China Halts Trading For The Entire Day After Another 7% Crash

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