Asian stocks swoon, with Shanghai Comp down 6.1% (Chinese stock market TANKS! Down 6.1%)

CNBC ^ | 08/18/15

[Enlightened1]

Mainland markets fall

China's Shanghai Composite index accelerated the pace of decline in the afternoon session, closing down 6.12 percent at its lowest level since August 7, as concerns over the yuan eclipsed data which showed monthly home prices up for a third straight month in July, indicating that country's all-important property sector may be finally bottoming.

Prior to the market open, the People's Bank of China (PBOC) set the midpoint rate at 6.3966 per dollar, firmer than the previous fix of 6.3969. However, the yuan fell against the greenback, slipping modestly to last change hands at 6.4011.

Among the mainland's other indexes, the blue-chip CSI300 and the smaller Shenzhen Composite plummeted 6.2 and 6.6 percent, respectively. Hong Kong's Hang Seng index tracked the losses in its mainland peers to move down 1.1 percent, touching a near six-week trough.

"With today's unsurprising yuan fixing, volatility in the [yuan] appears to have been put back in its box. However, the internal dynamics of China's economy continue to flash warnings that this calm will not last," Angus Nicholson, IG market analyst, wrote in a note.

[Cowboy Bob]

The Shanghai Composite is up about 17% for the year. It could be in negative territory by September 1st.

[Enlightened1]

I’m wondering if the “Fake it til you make it” is beginning to implode?

[Red Badger]

Never buy Chinese stocks.
An hour later you’ll want to sell them again...........................

[A CA Guy]

Bad time to make Chinese currency the #1 currency we all trade on in the world? Too soon?

[BenLurkin]

Link only:

China’s Richest Traders Are Fleeing Stocks as the Masses Pile In
http://www.bloomberg.com/news/articles/2015-08-18/china-s-richest-traders-are-fleeing-stocks-as-the-masses-pile-in