On Monday (24) Hong Kong’s Hang Seng index fell below 16,000 intraday points and the Hang Seng technology index tumbled more than 6%.RMBThe exchange rate is also approaching an all-time low as the new leadership of the Communist Party of China is all “Xi’s army” and investors fear that Secretary General Xi Jinping’s uncontrolled power will increase the risk of making mistakes.
Hong Kong’s Hang Seng Index fell below 16,000 to 15,494 on Monday, the Hang Seng Technology Index plunged more than 6%, and the Hang Seng China Enterprises Index plunged more than 5% on Monday. lowest level since 2008. offshoreRMBdown 0.7 percent, according to reportsRMB At 7.2782 per dollar, it was close to an all-time low recorded last week.
The new leadership of the Chinese Communist Party was officially unveiled on Sunday. Xi Jinping won the third term as general secretary. Li Qiang, Ding Xuexiang, Li Xi and others all became members of the Politburo Standing Committee. “Control the world.
Justin Tang, head of Asian research at United First Partners, said investors are concerned that Xi’s “common sense” with so many henchmen will bolster his power to make policies, including those that aren’t market-friendly.
Duncan Wrigley, China’s chief economist at Pantheon Macroeconomics, also said the greater the concentration of power, the greater the risk of officials over-implementing high-level directives.
