July 1 stock market crash
The benchmark Shanghai Composite closed up 5. Over the past year, investors poured more and more into Chinese stocks, even though economic growth and company profits were weak.
List of stock market crashes and bear markets - Wikipedia
A classic bubble developed. Losses were even more dramatic on the smaller Shenzhen Composite. The government gave money to brokerages to buy stocks -- and ordered company executives not to sell their shares.
New company listings were suspended. The central bank cut interest rates to a record low.
Wall Street Crash of - Wikipedia
Only approved brokers are allowed to engage in short selling in China. Still, economists are worried that stock losses will ripple through China's economy, and take a bite out of consumer spending. Gold, copper and other commodity prices have been affected. The central bank has cut interest rates and lowered the amount banks are required to keep on reserve, making it cheaper to take out loans and easier for banks to lend.
Other options include boosting infrastructure spending and slashing taxes. On Friday, a key gauge of China's manufacturing activity tumbled to its lowest level in 77 months. Start your day right with the latest news driving global markets, forex at sydney airport major stock movers and july 1 stock market crash economic headlines to important events on the calendar.
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