Articles
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Europe and IMF upset the market
SHANGHAI’S stock market yesterday fell by the most in eight weeks after the International Monetary Fund expressed concerns about China’s financial system and on fears that the worsening economy in Europe may hit Chinese exports.
The Shanghai Composite Index lost 2.5 percent to 2,466.96 points, the largest daily loss since September 22.
The IMF urged China on Tuesday to reform its financial system to withstand systemic risks.
Jonathan Fiechter, deputy director of the IMF’s monetary and capital markets department, said: “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.”
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