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在线翻译:
szdaily -> Markets -> 
Developers, banks drag stocks lower
    2018-04-17  08:53    Shenzhen Daily

CHINA’S major stock indexes fell more than 1 percent yesterday, posting their worst day in three weeks, on worries that slowing credit growth and tightening regulatory requirements will start to weigh on the country’s economy later in the year.

The blue-chip CSI300 index ended down 1.6 percent at 3,808.86, while the Shanghai Composite Index slid 1.5 percent to 3,110.65 points.

Main sectors dropped across the board, led by real estate and banking firms.

First-quarter gross domestic product data today are expected to show the economy carried most of its growth momentum from last year into early 2018, with analysts predicting an expansion of 6.7 percent year on year, only marginally softer than the 6.8 percent reported in the fourth quarter of last year, according to a Reuters poll.

That resilience could give authorities’ confidence to intensify their regulatory crackdown, now in its second year.

In the latest effort by the government to reduce risks in the financial system, China’s central bank published rules Friday to restrict the issuance of short-term financing notes by brokerages.

“The concern over China’s economy lingers as financing activities by the real estate sector and local governments have been restricted amid the government’s deleveraging campaign,” China Merchants Securities wrote in a report.

Chinese banks doled out more loans in March than February and appeared to make solid progress in reining in off-balance sheet lending that has prompted the sweeping crackdown by regulators, according to data released Friday after stock markets had closed.

But new lending, money and total social financing grew less than expected. That followed a surprise drop in March exports reported earlier Friday, which came amid heightened trade tensions with the United States, though most analysts believe it was likely due to seasonal factors.

“The export deficit and slower total social financing announced Friday may have indicated weaker-than-expected macro activity in March, although we think the market has partly priced that in,” Gao Ting, head of China Strategy at UBS Securities, wrote a note.

Bank shares were also sold on fears of growing margin pressure as the central bank slowly liberalizes interest rates. The main CSI bank index fell 2.8 percent. (SD-Agencies)

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