China stocks tumble despite central bank's move to support economy

China pumps USD 109 billion into economy as trade war bites on growth

"Although we face relatively large external uncertainties, the Chinese economy has the ability to accommodate and fend off external risks", the statement said. However, it has since stabilized with the PBoC increasing liquidity support and maintaining ample liquidity.

The losses in NY seeped into Asia, where Shanghai sank 2.4 percent and Hong Kong lost 0.8 percent with property firms hit by expectations the city's banks will lift mortgage rates again as they track a likely Fed hike. Co, Kweichow Moutai Co and Hangzhou Hikvision Digital Technology Co - old favourites that jumped at least 97 per cent a year ago - were the most sold by overseas traders on Monday. Last week, Hong Kong's Hang Seng slumped 4.4 per cent as investors anxious about the escalating trade row.

"MALIGN" EFFORTS Last week, US Vice President Mike Pence intensified Washington's pressure campaign against Beijing by accusing China of "malign" efforts to undermine President Donald Trump ahead of next month's congressional elections and of reckless military actions in the South China Sea. On Friday, Chinese technology stocks listed in Hong Kong, including Lenovo and ZTE, slumped on a media report that the systems of multiple United States companies had been compromised by malicious computer chips inserted by Chinese spies. Shenzhen-listed shares of ZTE Corp tumbled more than 8 per cent at market open, before paring losses. Real estate, consumer and healthcare sectors were also among the biggest casualties, all tanking more than 4 per cent.

On the same day, the above-mentioned banks will use the funds released by the RRR cut to repay the medium-term loan facilities of the central bank where they borrowed.

Commenting on the central bank's move to tweak the RRR ratio, University of Jinan finance professor Zhao Jian argued that "liquidity is not the issue right now".

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Friday's USA non-farm payrolls showed job creation slowed in September, likely from Hurricane Florence's impact on restaurant and retail payrolls, but the Labor Department report also showed a rise in wages that could keep the Federal Reserve on track for more interest rate hikes. In a speech, United States vice-president Mike Pence said on Thursday that China's onshore stock market fell by 25% in the first nine months of the year because Washington "has been standing strong against Beijing's trade practices".

The 30-year Treasury bond reached a four-year high of 3.424 percent, and was at 3.4054 percent at the US close on Friday. Tokyo was closed for a public holiday. Prior to Wednesday's market opening, the PBOC set the yuan's midpoint rate at 6.8571 per dollar, the weakest level since August 24, and 131 pips or 0.19 percent weaker than the previous fix of 6.8440.

The FTSE China A50 Index of large caps, which includes stocks that overseas investors are more likely to own, sank nearly 5 per cent in its biggest selloff since January 2016.

But the bigger conundrum for USD/CNH and the yuan is that of the 7.00 handle.

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