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Stocks plunge as IMF urges financial reform
By Feng Jianmin |
November 16, 2011, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index dropped in the morning session led by banks and property developers.
The benchmark Shanghai Composite Index lost 1.73 percent to 2,486.12 points. Turnover rose to 49.4 billion yuan (US$7.8 billion).
Banks fell after the International Monetary Fund yesterday urged China to reform its financial system to withstand systemic risks.
"Although China's banks are healthy, Chinese authorities need to address some vulnerabilities, such as capital misallocation and the formation of bubbles, especially in real estate," according to Jonathan Fiechter, deputy director of IMF's monetary and capital markets department.
Bank of China fell 1 percent to 2.97 yuan. Industrial and Commercial Bank of China lost 0.9 percent to 4.28 yuan.
Property developers declined after China Securities Journal said that Chinese developers had borrowed over 1 trillion yuan ($157 billion) since the second half of last year at high interest rates, citing unidentified sources.
China Vanke tumbled 2.9 percent to 7.33 yuan after Shanghai Securities News reported the company might cut prices for all of its home projects in Shanghai by more than 20 percent at the end of this week. Gemdale Corp trailed 2.5 percent to 4.66 yuan.
The benchmark Shanghai Composite Index lost 1.73 percent to 2,486.12 points. Turnover rose to 49.4 billion yuan (US$7.8 billion).
Banks fell after the International Monetary Fund yesterday urged China to reform its financial system to withstand systemic risks.
"Although China's banks are healthy, Chinese authorities need to address some vulnerabilities, such as capital misallocation and the formation of bubbles, especially in real estate," according to Jonathan Fiechter, deputy director of IMF's monetary and capital markets department.
Bank of China fell 1 percent to 2.97 yuan. Industrial and Commercial Bank of China lost 0.9 percent to 4.28 yuan.
Property developers declined after China Securities Journal said that Chinese developers had borrowed over 1 trillion yuan ($157 billion) since the second half of last year at high interest rates, citing unidentified sources.
China Vanke tumbled 2.9 percent to 7.33 yuan after Shanghai Securities News reported the company might cut prices for all of its home projects in Shanghai by more than 20 percent at the end of this week. Gemdale Corp trailed 2.5 percent to 4.66 yuan.
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