Global markets were in tumult yesterday after attempts by Chinese authorities to support share prices and the currency raised fresh questions of their ability to manage a slowdown in the world’s second-largest economy.
The Shanghai stock market was frozen for the second time in four days — after just 30 minutes of trading — when the size of losses triggered “circuit-breakers” designed to prevent panic selling. The renewed sell-off came after the offshore renminbi fell to the lowest level against the dollar since it was established in 2010.
Investors were braced for a test of true market sentiment when markets open this morning after the Chinese regulator announced late yesterday that it had suspended the circuit breakers.
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