Part 2/10:
The immediate effects were palpable when Chinese stocks opened for trading after a closed period. On a notably grim Monday morning, Hong Kong's Hang Seng index plunged 8.7% in early trading. Meanwhile, tech giants like Alibaba and Tencent saw reductions exceeding 11%. The mainland Chinese index, the CSI 300, fell by 4%, predominantly impacted by battery maker CL, which dropped nearly 10%. Adding to the economic distress, China allowed its currency, the renminbi, to reach its weakest level in over four months, indicating a likely tolerance for a gradual currency weakening.