A bout of fresh volatility is hitting Chinese equities, evoking memories of the 2018 meltdown, as the war in Ukraine threatens to complicate the Asian nation’s plans to ease policy and potentially worsen its already strained relations with the U.S. Traders were taken for a wild ride on Wednesday as stock benchmarks in China and Hong Kong both tumbled by more than 3% in early afternoon trading, only to pare bulk of those losses at the close. Still, the CSI 300 Index ended 0.9% lower in a sixth day of declines — the longest losing run since March 2020, and the Hang Seng Index finished at its lowest since July 2016. Concern is growing that surging commodity costs will fan inflation and limit the Chinese central bank’s ability to ease policy. […]