{"id":50234,"date":"2023-08-18T18:45:05","date_gmt":"2023-08-18T22:45:05","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/alibaba-jd-com-stocks-tumble-as-beijing-defends-yuan-amid-rising-economic-fears\/"},"modified":"2023-08-18T18:45:08","modified_gmt":"2023-08-18T22:45:08","slug":"alibaba-jd-com-stocks-tumble-as-beijing-defends-yuan-amid-rising-economic-fears","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=50234","title":{"rendered":"Alibaba, JD.com Stocks Tumble as Beijing Defends Yuan Amid Rising Economic Fears"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-BAR-0000723360\">\n<div data-layout=\"wrap\n              \" data-layout-mobile=\"\" class=\"\n        media-object\n        type-InsetMediaIllustration\n          wrap\n  article__inset\n        article__inset--type-InsetMediaIllustration\n          article__inset--wrap\n    article__inset--lead\n  \"><\/p>\n<p>        <!-- eventually when we know what this card will be we can change it and leave this one --><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-wrap\n        article__inset__image\n      \" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<div style=\"padding-bottom:66.66666666666666%;\" data-subtype=\"photo\" class=\"image-container  responsive-media article__inset__image__image\"><\/div>\n<\/figure><\/div>\n<p>Chinese tech stocks tumbled Friday, while the country\u2019s central bank bolstered its defense of the yuan, as fears over the health of the world\u2019s second-largest economy continued to mount.<\/p>\n<p>China\u2019s economic woes increased the pressure on some of the country\u2019s largest internet companies, as the Hang Seng Tech index slumped more than 3%.<br \/>\n        Alibaba<br \/>\n       (BABA) fell 3.4%,<br \/>\n        JD.com<br \/>\n       (JD) slumped 5.3%\u2014extending its losing streak to six days\u2014 while<br \/>\n        Baidu<br \/>\n       (BIDU) fell 2.7%. The trio\u2019s American depositary receipts were all lower in premarket trading Friday.<\/p>\n<div class=\"paywall\">\n<p>Hong Kong\u2019s Hang Seng index fell 2.1% Friday, entering bear market territory.<\/p>\n<p>\u201cThe downbeat tone has continued in Asia overnight, with all the major indices losing ground. The Hang Seng has seen some of the biggest declines, and as it stands right now, the index is more than 20% beneath its recent peak in January,\u201d<br \/>\n        Deutsche Bank<br \/>\n       strategist Henry Allen said in a note Friday.<\/p>\n<p>In a bid to defend the Chinese yuan, the People\u2019s Bank of China fixed the currency at 7.2006 per U.S. dollar. That\u2019s significantly below the average estimate of 7.305 per dollar, ING economists said.<\/p>\n<p>ING FX strategist Francesco Pesole said it was \u201cthe biggest defense of the yuan via fixing guidance on record.\u201d<\/p>\n<p>Economists have become increasingly less confident of China\u2019s ability to reach its annual target of 5% gross domestic product  growth in recent days.<br \/>\n        Nomura<br \/>\n       economists were the latest to cut their forecasts Friday, now predicting 4.6% growth, down from 5.1%.<br \/>\n        Morgan Stanley<span>,<\/span><\/p>\n<p>        J.P. Morgan<br \/>\n       and<br \/>\n        Barclays<br \/>\n       have all lowered their forecasts, to below 5% this week.<\/p>\n<p>Nomura economists, led by Ting Lu, cited China\u2019s \u201congoing downward spiral,\u201d pointing to weaker-than-expected data in July. He noted that growth in industrial production, retail sales, fixed investment, and exports all fell last month.<\/p>\n<p>Write to  Callum Keown at callum.keown@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/articles\/alibaba-jd-china-tech-stocks-yuan-1b146193?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Chinese tech stocks tumbled Friday, while the country\u2019s central bank bolstered its defense of the yuan, as fears over the health of the world\u2019s second-largest economy continued to mount. China\u2019s economic woes increased the pressure on some of the country\u2019s largest internet companies, as the Hang Seng Tech index slumped more than 3%. Alibaba (BABA) [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":50235,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-50234","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Alibaba, JD.com Stocks Tumble as Beijing Defends Yuan Amid Rising Economic Fears | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Chinese tech stocks tumbled Friday, while the country\u2019s central bank bolstered its defense of the yuan, as fears over the health of the world\u2019s\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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