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The Shanghai Composite Index fell 1.1% in the middle of the day, with particular fears of a decline in currencies, falling housing prices and the price of housing. impact of commercial rates. real estate companies and energy producers. The gauge climbed 2.2% on Friday, catching up its worst month since January 2016. The yuan retreated 0.2% after being depreciated by a record high in June. The pace of the depreciation of the currency surprised analysts, ING Groep NV reducing its forecasts for the second time in a few days.
The Shanghai stock index fell 3.3%. Poly Real Estate Group Co. fell 6%, while Gemdale Corp. lost 3.8%. Promoters were under pressure as the government stepped up measures to curb real estate speculation and restrict the issuance of international bonds by developers.
The yuan has traded at 6.6340 per dollar. ING lowered its forecast to 7 vs. 6.6 in a note, saying the depreciation reflects the risks of a trade war, while the central bank allows market forces to dictate the speed of declines.
Bonds also began July on a weaker note, with the 10-year public debt yield up 2 basis points to 3.5%, after finishing Friday at its lowest level since April 2017
Hong Kong's markets are closed for holidays.
– With assistance by Richard Frost, and Amanda Wang
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