China’s mainland stock markets shut down early again after the CSI 300 index fell 7%, The Financial Times reported. The index first fell 5%, triggering a 15-minute market freeze. That occurred within the first 13 minutes of trading. Once the freeze ended, the index continued to fall, ending trading for the entire day. Zhou Hao, economist at Commerzbank in Singapore, suggested the sell-off had been triggered by the central bank’s setting of the daily trading band for the yuan. “For the second day, China’s central bank set the USD-CNY fixing rate aggressively higher this morning, which triggered huge sell-off flows in CNY, CNH and onshore stock market,” Zhou said.
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