China sends markets into SPIRAL: FTSE 100 loses £30BILLION as markets dive into the red
BRITAIN’S top stock market dived into the red on Monday as panic over China and the world economy again tore through trading floors.
By LANA CLEMENTS
Express.co.uk
Mon, Feb 8, 2016
The FTSE 100 was down by two per cent by lunchtime, shedding around £30billion in value, and charging towards lows of 5740 last seen at the end of January.
Figures over the weekend revealed desperate Chinese policymakers used all their strength in January to stop the country’s currency collapsing in and tipping world markets into total meltdown.
Beijing’s foreign cash reserves plunged by almost £70BILLION ($99.5bn) last month, to its lowest level since May 2012, as authorities battled with huge capital outflows, according to central bank data.
Amid fears over China’s slowdown, investors have been pulling alarming amounts of cash out of the country, putting the currency under huge pressure.
Policymakers dumped dollars in an effort to defend the yuan and prevent even more cash flowing out.
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