Chinese stocks slump
Stock markets in China have tumbled today on concerns that banks may limit lending, causing markets and investors to turn bearish. Following the 4 trillion yuan rescue package the Chinese government has acted to dampen the inflated property market and limit bank lending.
The sharemarket slump has sent the Shanghai index 59% lower than record levels in 2007 and led to lower currency exchange rates for the Brazilian, Australian and New Zealand currencies which have slumped on concern that China's recovery may be faltering. The Australian and New Zealand dollars fell against the yen and US dollar while the Brazilian currency also slumped for a second day.
The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.