China Halts Stock Trading for Day After Entire Market Crashes

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China silver gold

Following the initial halt in CSI-300 Futures at the 5% limit down level, the afternoon session opened to more carnage and amid the worst ‘first day of the year’ in at least 15 years, Chinese stocks collapsed further to a 7% crash. At 1334 local time, stock trading was halted for the rest of the day across all exchanges (at least two hours early).

As Bloomberg reports,

Chinese stock trading was halted for the rest of the day after the CSI 300 Index plunged more than 7 percent.

Trading of shares and index futures was halted from about 1:34 p.m. local time, according to data compiled by Bloomberg.

Stocks fell as manufacturing contracted for a fifth straight month and investors anticipated the end of a ban on share sales by major stakeholders.

Under the mechanism which only became effective Monday, a move of 5 percent in the CSI 300 triggers a 15-minute halt for stocks, options and index futures, while a move of 7 percent close the market for the rest of the day. The CSI 300 of companies listed in Shanghai and Shenzhen fell as much as 7.02 percent before trading was suspended.

Not a happy new year…

Dow futures are now down over 150 points from NYE close, Gold and Treasuries are bid, and offshore Yuan has plunged most since the August devaluation.

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  • NonYo Business

    My friend who believes everything on MSM just said to me 2 weeks ago that Obama has strengthened our countries finances more so than any other president… and I laughed in his face. Bet he’s eating his words today.

    • Boop Gahev

      Perhaps your friend meant that he kicked the can just hard enough such that it will land sometime during the next presidency?

      • NonYo Business

        Lol… More likely he’s programmed like a good little citizen

  • Boop Gahev

    Murray Rothbard, right again.

    • Boop Gahev

      “If government wishes to see a depression ended as quickly as possible, and the economy returned to normal prosperity, what course should it adopt? The first and clearest injunction is: don’t interfere with the market’s adjustment process. The more the government intervenes to delay the market’s adjustment, the longer and more grueling the depression will be, and the more difficult will be the road to complete recovery. Government hampering aggravates and perpetuates the depression.” – Murray Rothbard