China panic week

REUTERS

China has shut its share market for the day after a meltdown in early trade.

Shares plunged 5% when the market opened, triggering a new “circuit-breaker” closure of markets for 15 minutes.

When trade resumed, the selling continued, with the benchmark CSI300 falling through 7%, triggering an automatic shutdown of trading for the rest of the day.

The market was only open for around 15 minutes of trade.

It’s the second time this week that China has had to shut its markets under the new rules designed to avoid panic selling of shares. But today, the circuit-breakers were invoked much faster than they were earlier in the week.

Maybe the shanghai comp index will hit 2500, or lower.  Its basically china's 1929 crash.  its really bad.  Chinas brightest minds and most influential communists have no control.  the government has wasted tons of money trying to prop up the market.  Its really the first big embarrassment china has had during my life.  They should have let americans and brits influence their market the way they do in macau casinos and hong kong finance.  Pride is a sin.  A few politicisns get rich, everyone else gets poor.