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Chinese stock market is retreating faster than expected.
China's benchmark stock index is currently trading at 4192, down from 5174 made this month. Today Shanghai composite dropped about 7.4% in closing at one point market was down almost 9% for the day.
The sell offs were broad based.
In Chinese stock market, individual stocks cut drop more than 10%, due to limit. Today could have been worse without such. About 70% of the stocks have hit down limit. Shanghai composite has about 1105 stock listed among which 770 stocks have hit the circuit.
This week Chinese state authority have reduced loan to deposit ratio (LDR) by 10% from 75% to 65%. However this action has so far failed to boost the market.
At its peak Chinese stock market was up more than 150% in last 1 year, however in just nine trading days it has erased 1/3rd of the gain currently up around 100% for last 12 months.
Sharp drop and rise in volatility suggests that further drop might be on the card. 5 day average of realized volatility has hit more than 5%.
