China credit crunch fears sink Aust stocks

China credit crunch fears sent the Australian stock market spiraling almost 1.5% lower, with investors fleeing materials as China urged its banks to control credit expansion risks and declared liquidity in its financial system was at “a reasonable level”.

China credit crunch fears sent the Australian stock market spiraling almost 1.5% lower, with investors fleeing materials as China urged its banks to control credit expansion risks and declared liquidity in its financial system was at “a reasonable level”.

At 1615 AEST official market close, the benchmark S&P/ASX200 index fell 1.47% to 4,669.1 points, while the broader All Ordinaries index shed 1.54% to 4,651.1 points.

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