One of China’s leading stock indices has slipped into bear market territory, underlining the pressure that escalating trade tensions and a slowing economy are exerting on the country’s biggest companies.
The Shanghai Composite slipped 0.5 per cent on Tuesday to close at 2,844.66, marking a decline of 20.1 per cent from its January peak and down 14 per cent for the year to date.
China’s slowing economy and an escalation in trade tensions with the US prompted a cut in the reserve requirement ratio for large commercial banks this week. The move by the People’s Bank of China was seen by analysts as an attempt to calm market concerns, which along with US-China tensions were exacerbated by weak data and a cut in the growth outlook.
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