BEIJING — The Shanghai Composite Index fell 5.3% Monday, notching its largest single day drop since August 2009 and hitting its lowest level since December, amid fears that some Chinese banks are facing a liquidity crunch and the overall economy is slowing.
The Shenzhen Component Index plunged 6.73% amid a selloff in Asia that saw Japan’s Nikkei drop 1.26% and Hong Kong’s Hang Seng fall 2.2%.
In Shanghai, major losers included midsized banks. China Minsheng Bank and Industrial Bank both lost nearly 10%. More than 100 companies dropped 10%, the daily limit, before trading was halted.
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Julie Makinen, The Los Angeles Times via CHINA US Focus http://feedproxy.google.com/~r/ChinaUsFocus/~3/uaIMM7VnBLo/
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