Stocks in China fell sharply on Monday, leaving the main Shanghai index at a five-month low, after Citigroup lowered its growth forecast for the country because of the impact on exports of the eurozone debt crisis.
The benchmark Shanghai Composite index fell 1.6 per cent to 2,224.11 after Citi said it expected China’s economy to expand at 7.8 per cent this year, compared to its previous estimate of 8.1 per cent, as the crisis in Europe and slowdown in growth in the US hit demand for its exports.
Citi said its base scenario reflected only a mild recession in the eurozone, but added that if things worsened and it were to assume a Greek exit, the risk for China would be heightened.
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