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Chinese stocks collapse in late trade, closing at a 13-month low

It was an ugly end to an ugly Asian trading week.

The benchmark Shanghai Composite index closed the session down 3.55%, more than reversing the 2% gain of Thursday.

It left the index at 2,900.9, the lowest level seen since December 10, 2014.

Thomson Reuters.

For the week the index lost 9%, extending its decline this year to 18%.

The losses on the Composite were reflective of stocks elsewhere in China.

Large cap indices such as the SSE 50 and CSI 300 lost 2.86% and 3.19% respectively. Small cap stocks were also in the wars with the CSI 500, Shenzhen Composite and ChiNext indices posting losses of more than 3%.

The losses in stocks corresponded with renewed weakness in offshore traded yuan.

After opening the session at 6.5995, USD/CNH ripped higher during Asian trade, reaching a high of 6.6195 midway through the session before retracing slightly in recent trades.

Weakness in offshore traded yuan has been cited by many analysts as one factor that has contributed to the sell off in risk assets seen so far in 2016.

Chinese new bank lending also missed expectations in December, coming in 597.8 billion yuan against expectations for an increase of 700 billion yuan.

The weakness in Chinese markets weighed on risk assets across Asia, particularly those heavily exposed to the Chinese economy such as the ASX 200 and Australian and New Zealand dollars.

Here’s the final Asia market scoreboard as at 6pm AEDT.

Stocks

  • ASX 200 4892.80 , -16.58 , -0.34%
  • Nikkei 225 17147.11 , -93.84 , -0.54%
  • Shanghai Composite 2900.97 , -106.68 , -3.55%
  • Hang Seng 19568.29 , -249.12 , -1.26%
  • KOSPI 1878.87 , -21.14 , -1.11%
  • Straits Times 2629.82 , -14.75 , -0.56%
  • S&P 500 Futures 1896.25 , -18.25 , -0.95%

Forex

  • USD/JPY 117.65 , -0.39 , -0.33%
  • USD/CNY 6.6159 , 0.0164 , 0.25%
  • AUD/USD 0.6928 , -0.0055 , -0.79%
  • NZD/USD 0.6429 , -0.0039 , -0.60%
  • AUD/JPY 81.51 , -0.92 , -1.12%
  • EUR/USD 1.0886 , 0.0022 , 0.20%
  • GBP/USD 1.4392 , -0.0021 , -0.15%
  • USD INDEX 98.964 , -0.1250 , -0.13%

Commodities

  • Gold $1,083.20 , $5.60 , 0.52%
  • Silver $13.86 , $0.03 , 0.25%
  • WTI Futures $30.23 , -$0.97 , -3.11%
  • Copper Futures ¥34,670 , -¥60 -0.17%
  • Iron Ore Futures ¥306.50 , ¥5.00 , 1.66%

10-Year Bond Yields

  • Australia 2.696%
  • New Zealand 3.335%
  • Japan 0.212%
  • Germany 0.497%
  • UK 1.745%
  • US 2.073%

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