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Chinese stocks hit 2001 lows
Chinese financial markets are facing sharp declines, leading the MSCI index to drop 15%, marking its lowest level since the September 2001 events, with losses amounting to $337 billion across major stocks such as Tencent and Alibaba. Meanwhile, local markets in Shenzhen and Shanghai rose by 6%, driven by technology and metals companies. However, foreign markets experienced pressures due to regulatory concerns and geopolitical tensions, amid economic slowdown and a declining real estate market, raising fears of a deterioration in China's economic growth.
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