The Shanghai Composite Index fell 192.24 points, or 6.54%, to close at 2748.87, a fresh 16-month low extending a weeks-long slide that has seen the index drop 20% this month and nearly 50% so far in 2008.Wow.
I haven't had the time to delve deeper, but I wonder what this portends for China, especially with rising oil prices and China's subsidies for domestic gasoline. It can't be good for them.
China announced today that they will increase domestic fuel prices by about 10%. Doing this right before the Olympics is really a surprise. A similar move in India lead to riots. So clearly they are hurting.
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