China’s Stock Market Just Had Its Worst Monthly Drop In 6 Years
The country's economic woes continue
China’s stock market fell again on Friday, with The Shanghai Composite Index slipping 1.1% to close at 3,663.73, according to a report in Bloomberg News.
The loss brings to an end the worst month for stocks in China since August of 2009, when China was still reeling from a global financial panic and recession that caused massive losses in financial markets around the world.
For the month of July, the Shanghai Composite Index fell a total of 15%, despite unprecedented state intervention aimed at calming markets. According to Bloomberg, the losses on Friday started “after Reuters reported that Chinese regulators had asked financial institutions in Singapore and Hong Kong for stock-trading records as part of efforts to track down investors betting against shares in China.”
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