Chinese shares suffered their worst decline since Beijing abandoned its shortlived circuit-breaker mechanism, potentially intensifying fears that volatile markets and a weaker currency could prompt greater capital flight.
The benchmark Shanghai Composite tumbled 6.4 per cent yesterday to close at its lowest point since December 2014. It was the biggest one-day drop since a 7 per cent fall on January 7, which triggered newly introduced circuit breakers and prompted closure of the whole market less than half an hour into trading.
China scrapped the circuit breaker after its use twice in just four days of existence did nothing to calm the market, and prompted accusations that the mechanism was worsening the falls.
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