The global stocks fell steeply as unforeseen fluctuations hovered the Chinese financial arena characterized by the rising prices of the housing industry while simultaneous downfall in the country’s native currency values. The country’s Shanghai Composite Index reduced by 2.1 to stand at a value of 2,034.62 while Hong Kong’s Hang Seng dropped 0.3 percent to reach a value of 22,317.81.
Downfall was recorded in Singapore and Sydney as well though Tokyo’s Nikkei 225 Index surged 1.4 percent to reach 15,051.60. Futures for the Standard & Poor’s 500 and Dow Jones industrial average slipped by 0.1%.
The reports suggested that the decline in Yuan was likely because of Beijing’s support for exporters and aid to offset. This eventually hampered domestic demand. A survey by HSBC Corp. affirmed that the Chinese manufacturing capacity observed a seven-month low in February.
