Stock Markets in China & Honk Kong Dive, Yuan Slides, Crude Oil Drops on Confidence Crisis in China | Wolf Street

The Shanghai Composite Index plunged 5.1% to 2,928 on Monday, the biggest one-day drop since February 2020, during the Wuhan crisis. The index is now down 20% year-to-date and down 14% from a year ago. And for folks promoting buy-and-hold: The index has now returned to a level it had first reached in February 2007 during the run-up of the ridiculous stock market bubble just before the Beijing Olympics.

The CSI 300 index, which tracks the biggest blue-chip stocks trading in Shanghai and Shenzhen, dropped 4.9% on Monday, to 3,933, is down 23% year-to-date, and is down 25% from a year ago.

The offshore yuan, after dropping 2% last week against the dollar, fell as much as 1.3% on Monday to 6.60 per dollar, the lowest since November 2020

Stock Markets in China & Honk Kong Dive, Yuan Slides, Crude Oil Drops on Confidence Crisis in China | Wolf Street