SMM5, September 9: the three major A-share indexes fell collectively today, with the Shanghai Composite Index down 1.48%, the Shenzhen Composite Index down 1.39%, and the gem Index down 0.84%. Before the close at 16:00, the decline in Hong Kong's Hang Seng Index continued to expand. By the end of the day, the Hang Seng Index was down 2.39%. In addition, South Korea's KOSPI Composite Index was down more than 3%, and the Nikkei 225 Index was down nearly 1%. At the same time, the dollar index rose 10 points in the short term, with the onshore renminbi falling below 6.82 against the dollar and the offshore renminbi falling below 6.85 against the dollar, falling more than 300 points over the day. On the fourth day, the panic index VIX rose to 21.61, the biggest weekly gain since volatility fell to a low in February 2018; it is up 69 per cent so far this week and capital markets are jittery.
In addition, the Central Bank of the Philippines also announced a rate cut of 25 basis points today. This is the third day in a row that the central bank of Malaysia cut interest rates on May 7 and New Zealand on May 8. It can be seen that the frequency of interest rate cuts is getting higher and higher. And more countries are cutting interest rates, a path that everyone will choose in the midst of a global economic downturn.
Gao Feng, spokesman for the Ministry of Commerce, said at a regular press conference that Vice Premier Liu he led a delegation to the United States to attend a new round of high-level consultations, which demonstrated China's responsible attitude and sincerity in promoting the consultations, and hoped that the United States and the Chinese side would go opposite each other. Address each other's concerns and resolve existing problems through cooperation and consultation. At the same time, China is ready to deal with all possible possibilities. Gao said: in the past period of time, the economic and trade teams of China and the United States have maintained close contact, and so far 10 rounds of high-level consultations have been held, and both teams have carried out a lot of work and made great efforts to promote important progress in the consultations. China's position and attitude are consistent and clear. We oppose unilateral tariff increases, and there are no winners in trade wars. This is not in line with China's interests, the interests of the US side, and the interests of the whole world. It is hoped that the United States and China will move in the opposite direction, resolve the issue through dialogue rather than unilateral measures, and achieve a mutually beneficial and win-win freehand brushwork on the basis of mutual respect and equal treatment.