China’s shares plunged on Monday, as the country’s stock markets continued to tumble.
The market had been expected to close at around 11:30 a.m. local time (1930 GMT), but closed at around 10:15 a.s.m., falling as much as 6 per cent, or about 30 per cent.
China’s benchmark Shanghai Composite Index is down nearly 6 per “hundredths of a percent” to 0.8665, or 5.7 per cent on the S&P 500.
The Shanghai Composite is up more than 7 per cent this year.
“There’s no doubt the market is in turmoil.
But it’s not the market that has been in turmoil,” said Chris Niederauer, an investment strategist at CME Group.
“The real problem is that the market has been hit by so much uncertainty, and the government has not been able to put in place policies to help the market.”
Investors have had to wait longer than normal for an update on China’s economy, which has been rocked by a series of sharp falls in the stock market.
In the past, analysts have speculated that the country is now running out of room to grow.
“I think this is a big shock to the system,” Niedersauer said.
“People are just going to have to wait and see.”
In a statement, the Chinese Securities Regulatory Commission said the Shanghai Composite index is down almost 6 per 100,000 yuan ($130,000).
“The market is being affected by many factors, including the Chinese government’s unprecedented policy actions, including tightening the rules for foreign investment in the market and the implementation of an emergency financial assistance package, which is now suspended,” it said.
China has been trying to reduce the market’s reliance on state-owned banks and has increased its focus on financial services and the economy.
“We are concerned that the rapid depreciation of the Chinese market is affecting the market as a whole and may result in more volatility in the global markets,” the agency said.
Ahead of the market crash, China’s central bank raised interest rates by a quarter of a percentage point to 0% for the first time in three years.
“With the Chinese stock market now in a slump, it’s time to stop worrying and get ready for a long hard year ahead,” said Adam Yurkovich, head of equity research at Morningstar, in a note to clients.
“Investors should prepare for a steep climb down in the long term.
The Chinese stock exchange has been struggling to keep up with market changes.”
In addition to stocks, China is facing some of the worst weather in decades, with a record heatwave and record-high humidity affecting parts of the country.
China also has the world’s biggest crude oil reserves, which have fueled its economic growth for decades.
China is one of the world the world, but the market turmoil has led to fears of a financial crisis in the country, which had been a major export market for US companies.
China is also one of its largest markets, and is a key supplier of oil and other products to the US.
The US Federal Reserve on Monday increased its key lending rate to a record $85bn, saying it would continue to monitor the market.
China, which holds about $2 trillion in US government bonds, is also a major market for the country and has been a key source of the US economy for years.