The Chinese market is tanking.
The CSI 300 stock market index crashed 7% before markets were halted for the day.
That came after the Caixin-Markit manufacturing PMI unexpectedly fell to 48.2 in December from 48.6 in November. The official NBS manufacturing PMI stood at 49.7 in December. Any reading below 50 signals contraction.
In a note Monday, Tom Orlik, chief Asia economist at Bloomberg and his colleague Fielding Chen said the stock market crash “likely reflects the idiosyncrasies of the market more than the fundamentals of the economy and exchange rate.”
In particular, he highlighted a six-month ban on share read more >>>
Source : BusinessInsider.Com