“Chinese stocks tumbled, sending the benchmark index into a bear market, as signs of an exodus by leveraged investors overshadowed the central bank’s effort to revive confidence with an interest-rate cut. The retreat marks an end to the nation’s longest-ever bull market, a rally that’s lured record numbers of individual investors and convinced traders to bet an unprecedented amount of borrowed money on further gains. Zhang Gang, a strategist at Central China Securities strategist in Shanghai, called Monday’s losses ‘panic selling’ that will likely continue as margin investors are forced to liquidate their holdings and the recent selloff spurs more mutual fund redemptions.”
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