China stocks plummet on capital outflow, yuan devaluation woes

Mainland China's stock market plummeted on Tuesday, 18 August 2015, on increasing sign of capital outflow amid weaker outlook for the yuan and Chinese economic growth. Selloff momentum accelerated reigniting fears that Beijing may be intent on a deeper devaluation of the currency. Selling was broad based, with more than 1000 stocks fell by the maximum 10 per cent daily limit, with large state-owned enterprises especially hard hit. The benchmark Shanghai Composite Index closed down 6.15%, or 245.50 points, to 3748.16 points. The Shenzhen Composite Index, which tracks stocks on China's second exchange, de-grew 6.58%, or 153.07 points, to 2174.42 points. Total volume of A shares traded in Shanghai was 72.25 billion shares, while Shenzhen volume was 38.90billion shares.

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