Stocks at the Hong Kong exchange suffered one of their worst days in a long time after the National People’s Congress of China confirmed Xi Jinping for a historic third five-year term as the party leader.
Hong Kong’s Hang Seng Index fell by 6.3 percent on Monday, to its lowest level since April 2009. The Hang Seng Tech Index plunged by more than 9 percent. The Hang Seng China Enterprises Index, a gauge of Chinese stocks that are listed in Hong Kong, declined 7.3 percent, which is its worst performance after a Chines Communist Party Congress since 1994. This was the worst day for stocks in Hong Kong since the global financial crisis of 2008–09, while the onshore yuan fell to its weakest level since January 2008.
