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Chinese stocks slide as leadership overhaul disappoints investors

The offshore yuan weakened as much as 0.7% to 7.2782 per dollar Monday morning to approach a record low seen last week

China, China economy
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Photo: Bloomberg

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Chinese markets weakened after the Party congress concluded with a reshuffle of the nation’s economic policy team, as investors expressed disappointment at the new leadership filled with President Xi Jinping’s allies.  

The offshore yuan weakened as much as 0.7% to 7.2782 per dollar Monday morning to approach a record low seen last week. The People’s Bank of China set the yuan fixing at 7.1230 per dollar, away from the recent pattern of near 7.11 per dollar. The Hang Seng China Enterprises Index fell more than 2%. 

The reshuffle announced after the Party congress highlighted Xi’s unquestioned grip over the ruling

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First Published: Oct 24 2022 | 5:01 PM IST

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