Asian shares fell on Wednesday as hopes for extensive Chinese stimulus measures were dashed while concerns grew over Spanish banking problems.
The FTSE Asia Pacific index lost 0.8 per cent to 218.09 as sentiment deteriorated after China’s official Xinhua News Agency said Beijing had no plans to introduce large-scale stimulus measures to boost the slowing economy.
“The Chinese government’s intention is very clear: It will not roll out another massive stimulus plan to seek high economic growth,” Xinhua said. “The current efforts for stabilising growth will not repeat the old way of three years ago.”
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