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Bloomberg
Shares of Chinese companies listed in the US tumbled, extending a selloff that pushed them to their lowest level since 2016.
The Nasdaq Golden Dragon China Index sank 4.8% amid concerns over higher inflation, risks from the Russia-Ukraine war and rising Covid-19 cases in China and Hong Kong. The selloff is also coming during the National People’s Congress meeting where China set its lowest growth target in more than three decades.
The benchmark has now dropped for a fourth straight day and has lost about $86 billion in market value over the span. Online travel agent Trip.com and hotel operator Huazhu each fell 11% after China reported its biggest one-day tally of Covid cases since Wuhan outbreak.