China Shares on Track to Close in Bear-Market Territory
China shares flirted with bear-market territory in a volatile morning session.
The Shanghai Composite Index breached its lows from last summer's crash, after falling as much as 2.8%. It later pared some losses but remains on track to close down more than 20% from its recent high.
Japan's Nikkei Stock Average fell 4% as the yen strengthened.
Meanwhile in Hong Kong this morning, yuan interbank borrowing rates are getting back to normal, with the overnight yuan Hong Kong Interbank Offered Rate fixing (HIBOR) down to 3.6055%. Two days ago that measure hit a record high of 66.815%. Borrowing rates for periods of one to two weeks remain above 10%.
Ahead of the lunch break, the Hang Seng Index is down 1.6% while the Hang Seng China Enterprises Index, a gauge of Chinese companies with listings in the offshore finance center, is down 1.9%.
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