Chinese Stocks Tumble the Most in Four Months on Central Bank Moves

Chinese stocks tumbled by the most in 4 months as brokerages tightened lending restrictions and the Central Bank in China drained cash from the financial system.
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Chinese stocks tumbled by the most in 4 months. The problem was record turnover as brokerages tightened lending restrictions and the Central Bank in China drained cash from the financial system. The Shanghai Composite fell 6.5%, dragged by financial and commodity companies. However, the Chinese market has soared this year on speculation the Central Bank will cut interest rates and engage in other stimulus. JP Morgan Chase (JPM) CEO Jamie Dimon blasted some shareholders for blindly following advice from proxy firms like ISS and Glass Lewis. He called the shareholders "lazy". He says if they vote based on proxy advice, they probably aren't good investors either. ISS and Glass Lewis caused problems for Dimon earlier this year when they recommended shareholders reject the banks executive pay package.