China’s stocks clawed back losses in afternoon trading and the yuan pared its drop after sinking through a key level, stoking speculation that authorities taking steps to halt a rout.
The Shanghai Composite Index added 0.4 percent at the close after earlier plunging as much as 1.9 percent. The yuan pared declines after sliding through 6.7 per dollar, where traders and analysts had expected intervention from the central bank. Banks and insurers led the equity rebound in Shanghai, which came after shares plumbed a new two-year low to approach levels last seen during panic selling in early 2016.
Source : Bloomberg