Stocks in the region extended losses to an eighth session yesterday – the worst losing streak in nearly eight years – as the Shanghai Composite index fell below the key support level of 3,000 for the first time since October.
“China led the recovery and is now leading the tightening cycle,” said analysts led by Adrian Mowat in a JPMorgan report.
Industrial & Commercial Bank of China confirmed it had started to rein in lending in response to Beijing's direction to clamp down on the surge in credit. Shares in the nation's largest lender fell 1.4 per cent to Rmb4.90.
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