The Shanghai Composite Index fell 6.4% to 2749.79 on Tuesday – its lowest level in 13 months – as share prices in all industry groups plummeted, Bloomberg reported. The fall was the steepest since January 7, when the benchmark index plunged 7%, the second selloff of more than 6% in a week that prompted the government to cancel its new circuit-breaker program after four days. Thomas Schroeder, the managing director of Chart Partners Group who predicted in October that an apparent rebound in Chinese stocks wouldn’t last, predicted the benchmark index will drop to 2400.
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