Tensions in the South China Sea are escalating as the Philippines and Vietnam push back against Chinese moves to assert control over the resources of disputed maritime areas. Vietnamese stocks fell the most since 2001 after the government said yesterday that Chinese boats intentionally rammed Vietnamese vessels during a confrontation over the placement of an exploration rig by China in waters near the Paracel Islands , claimed by both countries. Armed Philippine police also arrested Chinese fishermen near a disputed shoal close to the disputed Spratly Islands. China responded by accusing both countries of violating its sovereignty over the island chains, saying Vietnam was being “disruptive” and demanding the release of the boat crew by the Philippines. Vietnam’s benchmark VN Index fell as much as 5.5 percent, the biggest decline since Oct. 2001, and was down 4.4 percent at 10:25 a.m. in Hanoi. The incidents come as China ’s […]