China Stocks Fall 5% on Fears of Tightening – Jamil Anderlini

From Financial Times:

China’s dropped nearly 5 per cent on Thursday, the sharpest since February 27 when a Chinese correction was blamed for triggering a global sell-off, on concerns the government might act soon to slow soaring valuations.

Analysts said the market was reacting in anticipation of strong GDP numbers that could lead to further tightening. The economy grew higher-than-expected 11.1 per cent in the first quarter, according to data announced after the 3pm market close.

Growth accelerated in the first quarter on the back of a massive trade surplus, despite one increase and three rises in the amount banks must deposit with the central bank in the same period.[Full Text]

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