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IPFS News Link • China

A Chinese journalist has appeared on state television 'confessing' to causing...

• independent.co.uk

The pre-trial confessions – common in high-profile cases in China – suggest that Beijing intends to make a public example of the alleged transgressors.

The London-listed FTSE 250 hedge fund manager Man Group was also dragged into the affair on Monday as it emerged that Li Yifei, the chairman of its China unit, was taken into custody to assist a police inquiry into market volatility. Man declined to comment on Ms Li, one of the nation's leading businesswomen and the former head of MTV in China.

China's main Shanghai stock market fell 0.8 per cent on Monday, marking a 12 per cent fall for August and a near 40 per cent fall from the end of June. Coming after a 14 per cent slump in July, it is the biggest two-month fall since 2008. The shock waves from China – fuelled by fears over a hard landing for the previously fast-growing economy – reverberated around the world last month, wiping more than $5 trillion (£3.2 trillion) off the value of global stock markets as Beijing also unveiled a shock devaluation of its currency.


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