China stocks fall after party meeting due to underwhelming policy blueprint from President Xi Jinping

From Business Recorder: 2024-07-22 23:29:20

China stocks fell as investors were underwhelmed by President Xi Jinping’s policy blueprint. With a surprise policy rate cut weakening the yuan, the CSI300 Index dropped 0.7%. Biden’s decision to end his reelection campaign added risk aversion. Financial stocks dipped as Beijing prioritised tech and manufacturing reforms over finance. Rate cuts were seen as support for new sectors amidst economic challenges.



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