China Market falls on corrections in resources and small-caps

Mainland China stock market closed down after wiping out initial gain on Thursday, August 11, 2016, as sharp corrections in resources shares and small-caps dragged main indexes lower, despite gains in financial plays. Market sentiments were troubled with news that China devalued its renminbi currency by 2% against the dollar, sparking its largest one-day drop in 11 years, and anticipation of another economic data deluge on Friday. The CSI300 index of the largest listed companies in Shanghai and Shenzhen fell 0.31%, to 3233.36, while the Shanghai Composite Index declined 0.53%, to 3002.64 points and the Shenzhen Composite index closed 1.28% down at 1950.92 points.

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