Chinese stocks fell to their lowest levels for a month yesterday after the country's authorities moved to limit bank lending.
The Shanghai Composite index tumbled 2.9 per cent to 3,151.85 following reports that banks had been asked to curb lending for the remainder of the month. China's banks are believed to have lent Rmb1,100bn ($160bn) in the first two weeks of January.
“The impact of tighter policy in China sent fears of slower growth throughout the market, but in the medium term we think it will help to stabilise growth and avoid the shock of a sudden popping of an asset bubble,” said Camilla Sutton at Scotia Capital.
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