Chinese markets crash again in biggest collapse in 20 years

Tuesday, August 25, 2015
By Paul Martin
25 Aug, 2015

The key Shanghai Composite Index sank another 7.63 percent Tuesday, extending its worst four-day rout since 1996. The index has fallen 22 percent since August 19.

Investors were rattled as the China Securities Regulatory Commission made no attempt to reassure markets after Monday’s crash, as they did a month ago after an 8.5 percent drop.

“It’s panic selling and an issue of confidence,” Wei Wei, an analyst at Huaxi Securities in Shanghai, told Bloomberg News. “The government won’t step in to rescue the market again, as it’s a global selloff and it’s spreading everywhere now. It’s not going to work this time.”

Tokyo’s Nikkei index was again dragged down by Beijing, closing four percent down. Other Asian markets managed to recover after Monday’s collapse. Hong Kong’s Hang Seng closed under one percent higher, while one of the previous worst-performing markets, Taiwan’s TSEC 50 Index, closed 3.58 percent up.

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