China Markets Approach Grim Milestones as Sell-Off Spirals

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A stock ticker shows the Shanghai Composite Index and the Shenzhen Component Index in Shanghai’s Lujiazui financial district on Jan. 30. Photo: Bloomberg

(Bloomberg) — A sell-off in Chinese assets deepened on Wednesday, with key equity gauges on track to erasing gains seen since last month’s Politburo meeting and the yuan hovering near a 16-year low.

The MSCI China Index dropped as much as 1.3% amid mounting concerns over economic growth. The Hang Seng China Enterprises Index also fell, set to close below where it was before policy vows at the July political gathering triggered a rally. The Hang Seng Index slid more than 1%, inching closer to a technical bear market.