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China's share benchmark tumbles 7.7 percent on bank reserve rate hike news

China's share benchmark tumbles 7.7 percent on bank reserve rate hike news

Chinese stocks have plunged following the central bank's latest credit-tightening move.
In afternoon trading Tuesday, the benchmark Shanghai Composite Index was down 255.59 points, or 7.7 percent, at 3,074.10.
Chinese financial markets were closed Monday for a national holiday, so Tuesday was the earliest chance for investors to react to a weekend decision by the central bank ordering banks to keep more deposits on hand.
The People's Bank of China ordered a 1 percentage point increase in the reserve ratio, half to be done on June 15 and the rest on June 25. The measure is amied at easing inflation that is at 12-year highs.


Updated : 2021-02-28 09:33 GMT+08:00