China shares record biggest loss of year
The drop comes amid moves by China’s banking regulator to reign in leverage and an investigation into the country’s top insurance official
Mainland Chinese A-shares saw their biggest loss of the year Monday, with the Shanghai Composite falling as far as 1.9%, before closing down 1.4%, reports Seeking Alpha.
The decline Monday came after an announcement late on Friday that the country’s banking regulator will strengthen a crackdown on irregularities in the financial sector.
Earlier this month, China’s top anti-graft body announced it had launched an investigation into the nation’s chief insurance regulator, Xiang Junbo.