Asia Stocks Fall to Lowest Since 2011, Extending Global Selloff
- Australian shares drop as Japanese markets closed for holiday
- Markets in mainland China and Hong Kong resume declines
China Credit Crisis Lurks Beneath Turbulence: Magnus
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Asian stocks declined, with a regional measure falling to its lowest level in more than four years, as concern about China’s growth outlook continued to fan a global selloff.
The MSCI Asia Pacific excluding Japan Index tumbled 2 percent to 374.51 as of 4:04 p.m. in Hong Kong, heading for its lowest close since October 2011, after sinking 7.1 percent last week. Markets in Tokyo are closed Monday for a holiday. Turmoil in China’s markets rippled around the world in the first week of 2016 as the securities regulator scrapped an equity circuit breaker after just four days and the central bank set a weaker yuan fix for eight days in a row, escalating fears of a global currency war.