Asian stocks dropped on Thursday after new-home sales unexpectedly fell in the US. The key benchmark indices in China, Hong Kong, Japan, South Korea, Singapore and Taiwan fell by between 1.17% to 3.48%.
The decline in Chinese stocks was also due the government's plans to tighten rules on personal loans. China's banking regulator said it's tightening rules to ensure loans enter the real economy instead of being used for speculation. Loans exceeding 300,000 yuan ($43,937) will be given directly to the counterparty of the borrower rather than the borrower, the China Banking Regulatory Commission said on Wednesday
The decline in Chinese stocks was also due the government's plans to tighten rules on personal loans. China's banking regulator said it's tightening rules to ensure loans enter the real economy instead of being used for speculation. Loans exceeding 300,000 yuan ($43,937) will be given directly to the counterparty of the borrower rather than the borrower, the China Banking Regulatory Commission said on Wednesday