China Eastern Will Fly United With Japan Airlines Next Year

05 August, 2018, 12:58 | Author: Billie Castillo
  • China Eastern Will Fly United With Japan Airlines Year

Chinese shares ceded their ranking as the second-largest stock market in the world to Japan, the Financial Times reported on Friday.

Friday΄s figures showed Chinese stocks were worth $6.09 trillion (€5.26 trillion), compared with $6.17 trillion in Japan. While the United States remained the world's largest stock market, China slipped to the third spot, losing its position to Japan.

After overtaking Japan in November 2014, Chinese market capitalisation breached the $10-trillion mark a year later.

Chinese stocks have taken a beating after trade relations with the U.S. soured in recent days.

Chinese stocks continued to decline Friday, with the benchmark Shanghai Composite Index down 1 percent to close at 2,740.44. Some industrial and tech stocks have lost up to 20 per cent.

The Shanghai Composite index was up less than 0.1 percent at 2,770.14.

And Linus Yip, Hong Kong-based strategist with First Shanghai Securities, said Chinese markets could bounce back.

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Experts clearly stated that China's slip in the rankings of the world's largest stock markets is due to the trade tirade with Washington.

Deutsche Bank was among the latest to do so, cutting its year-end prediction to 6.95 yuan per USA dollar from 6.8 on Wednesday, saying that trade tensions would likely put persistent pressure on China's current account in the next few years.

Losing the number two spot is a reminder that China's role in global financial markets - while large - still does not match its economic might.

Policy makers have said that they would remove limits to encourage investment in industries from banking to agriculture but the foreign ownership of equities and bonds are still low.

Also worrying investors are the yuan's recent losses, with the currency at its lowest level against the dollar for more than a year, while traders have been mostly unmoved by government measures and promises to support the economy. Yuan is facing the longest retreat since the start of China's modern foreign exchange rate regime in 1994.

The onshore yuan was down 0.47% at 6.8705 against the dollar in lunchtime trade in Shanghai.

The yuan's tumble has prompted forecasters to lower their estimates for the exchange rate.

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