Chinese stocks are melting down again after worst week in years

Chinese stocks are melting down again after worst week in years

London CNN  —  Chinese stocks have had a very bad week. Despite recent attempts by Beijing to shore up confidence in the economy and stem a protracted stock market slump that has wiped out $6 trillion in value in three years, investors are still rushing for the exit. The Shanghai Composite index fell 6.2 percent, …

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London CNN  —  Chinese stocks have had a very bad week.

Despite recent attempts by Beijing to shore up confidence in the economy and stem a protracted stock market slump that has wiped out $6 trillion in value in three years, investors are still rushing for the exit.

The Shanghai Composite index fell 6.2 percent, its biggest weekly loss since October 2018, while the Shenzhen Component index shed 8.1 percent, its largest drop in three years. The indexes have lost more than eight percent and 15 percent respectively since the start of the year.

China’s blue-chip CSI 300 index, comprising 300 major stocks listed in Shanghai and Shenzhen, also fell 4.6 percent, notching its worst week since October 2022. The index is down 7 percent year-to-date.

A record downturn in its