China stocks take tumble as Xi Jinping crowned new China leader

<p>China’s major benchmarks have retreated following the announcement of the nation’s new leader.</p>

The major Chinese stock indices have taken a tumble today (November 15th) as investors consider their options following the crowning of Xi Jinping as the new leader of China's ruling Communist Party.

After months of speculation and rumours Mr Xi – who has reportedly been groomed for the top job for years – would be ushered in to lead the world's second-largest economy, China's new governing body was revealed shortly before noon local time.

Addressing a room of delegates and members of the press, Mr Xi pledged to "take up the historic baton and continue working for the great renewal of the Chinese nation".

The new leader will be supported by prime minister Le Keqiang and his fresh Standing Committee – a five-member group of experts in finance, media professionals and experienced politicians.

At 08:20 GMT today, the Hong Kong Hang Seng was lower by 1.5 per cent to an index value of 21108.9 points and the SSE Composite in Shanghai retreated by 1.2 per cent to 2030.2 points.

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