China Re-Enters Bear Market As Japanese Stocks Plunge

• China Re-Enters Bear Market As Japanese Stocks Plunge
  by Tyler Durden, www.zerohedge.com  
  Update:
  * SHANGHAI COMPOSITE INDEX FALLS 20% BELOW DECEMBER HIGH
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  Following last night’s notable weakness in Chinese stocks (now down 15-25% year-to-date) and today’s plunge in US markets, Offshore Yuan has begun to tumble lower once again ahead of today’s Yuan fix. Having slapped short Yuan speculators with a dire liquidity withdrawal, it appears traders are seeing through the “over-invoicing” bullshit of last night’s trade data and outflows appear to have restarted. Equities across AsiaPac are tumbling despite PBOC injecting a massive CNY160bn of liquidity (and modestly strengthening the Yuan fix), as safe-haven flows push 10Y China bonds to 2.70% – a record low. Chinese bonds just hit a record low yield…
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  read more.

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