China Stocks Lower on Bubble Talk

China stocks are lower after lawmakers in China said shares in the country are overvalued. According to a report from Bloomberg, Cheng Siwei, vice chairman of the National People's Congress said, "Only 30 percent of companies listed on the Shanghai Stock Exchange are good to invest in by Western standards, and investors in the remaining 70 percent will probably lose money." Link

Some larger Chinese stocks that are lower: China Unicom Ltd. (NYSE: CHU) -5%, China Mobile Limited (NYSE: CHL) -5%, China Life Insurance Co. Ltd. (NYSE: LFC) -4%.

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