SHANGHAI (BLOOMBERG) - China just lost its ranking as the world's second-biggest stock market to Japan.
After a Thursday slump, Chinese equities were worth US$6.09 trillion (S$8.33 trillion), according to data compiled by Bloomberg. That compares with US$6.17 trillion in Japan. The US has the world's largest stock market at just over US$31 trillion.
China's stock market overtook Japan's in late 2014, then soared to an all-time high of more than US$10 trillion in June 2015.
But Chinese equities and the nation's currency have taken a beating this year amid a trade spat with the US, a government-led campaign to cut debt and a slowing economy.
The Shanghai Composite Index has lost more than 16 per cent this year to be among the world's worst performers, while the yuan has fallen 5.3 per cent against the US dollar.
The market value calculations include primary listings only, to avoid double-counting. Hong Kong's equities are valued at US$5.1 trillion.