Chinese stocks tumbled on Wednesday, curbing a historic rally after an anticipated fiscal stimulus announcement failed to materialise.
The benchmark CSI 300 index closed down 7.1 per cent — its biggest one-day fall since February 2020 — as investors grappled with a lack of clarity around Beijing’s stimulus programme to boost economic growth and markets.
Expectations had been mounting that an initial round of monetary easing measures that targeted China’s depressed stock and property markets last month would be followed by fiscal spending to encourage businesses and consumers to spend.
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