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Chinese shares open 1.4% lower after Wall Street sell-off
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10:08, September 16, 2008

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Chinese stock prices opened 1.43 percent lower on Tuesday following the overnight heavy loss on the Wall Street and despite the country's central bank's latest move to boost the economy.

The benchmark Shanghai Composite Index opened 29.86 points lower at 2,049.81 points. The market was closed on Monday during the Mid-Autumn holiday.

The People's Bank of China announced on Monday it would lower the lending interest rate and the reserve requirement ratio for commercial banks starting Tuesday.

The bank said the move was to "solve prominent problems in the current economic operation, implement the principle of giving different policies for different needs and optimizing the economic structure, and to ensure a steady, rapid and sustained development."

The Dow Jones Industrial Average plunged 504.48 points, or 4.42percent, to 10,917.51 on Monday.

The steepest point drop after the Sept. 11 attacks in 2001 came after Lehman Brothers filed for bankruptcy and Merrill Lynch agreed to be taken over by Bank of America.

Source:Xinhua



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