China’s Shanghai Composite Index and 22,000 other stocks crashed, adding to the growing concerns over the country’s stock market.
From last years lowest 1,991 points to this year’s highest 5,000 points, China’s market has gone through a hell of a ride.
Since last Friday, the Shanghai Composite Index dropped 13.32 percent, while the Shenzhen Composite Index dropped 13.11 percent, the largest declines since 2008.
Today, according to Sina, the Shanghai Composite Index slumped 7.30 percent to 4,197.11 points and the Shenzhen Composite Index plummeted 8.37 percent to 14,378.25 points.
Values on Chinese shares have more than doubled over the past year due to margin traders flushing the markets with borrowed money.