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26.01.2021 kl 08:51 1348

https://theworldnews.net/sg-news/china-asset-bubble-warning-halts-stock-frenzy-in-hong-kong

HONG KONG (BLOOMBERG) - A chill swept through China's stock and bond markets on Tuesday (Jan 26) after the central bank unexpectedly withdrew funds from the financial system amid warnings about growing froth.

Hong Kong's Hang Seng Index slid 2 per cent from its highest level since June 2018, led by a 5 per cent plunge in Tencent Holdings. Futures on Chinese government bonds due in a decade were poised for the biggest decline since August, while the seven-day repurchase rate jumped 29 basis points to 2.72 per cent, the highest level in a year.

The People's Bank of China withdrew a net 78 billion yuan (S$16 billion) via open-market operations on Tuesday. PBOC advisor Ma Jun told local media risks of asset bubbles - such as in the stock or property market - will remain if China doesn't shift its focus toward job growth and inflation management instead.

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