- 38 minutes ago
- From the section Business
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Trading on the mainland Chinese markets was suspended on Thursday after shares plunged more than 7% for the second time this week.
The "circuit breaker" rule, a mechanism introduced on Monday to stem falls in the volatile market, was triggered in the first 30 minutes of trading.Investors were nervous after the central bank further weakened the yuan for the eighth consecutive day.
The CSI 300 index, which triggers the trading halt, fell 7.2% to 3,284.74.
The index is a collection of blue chips stocks from Shanghai and Shenzhen, and first sparked a 15-minute trading halt after it fell 5%.
The mainland benchmark Shanghai Composite index also fell 7.3% to 3,115.89, while the tech-heavy Shenzhen Composite lost 8.3%.
Recent moves by Beijing to depreciate the yuan have ignited fears that the world's second largest economy is slowing more than expected and could trigger another wave of competitive currency devaluation in the region.
China's central bank set a weaker yuan guidance rate for the eighth day, pushing offshore yuan to its lowest level since March 2011.
Disappointing manufacturing data on Monday had led the mainland benchmark index to plunge 7%, triggering a global equities sell-off.
Hong Kong's Hang Seng index also lost 2.4% to 20,470.45 in early trade.
Oil supply worries
Meanwhile, Brent crude prices hit new 11-year lows on oversupply concerns.Japan's Nikkei 225 index was down 1.2% to 17,972.61, while Australia's S&P/ASX 200 index lost 1.5% to 5,047.80 as energy shares weighed on the market.
Shares of Woodside Petroleum were down over 3% as oil prices slid after data showed a surprising build-up of US gasoline stocks, adding to fear of a growing global glut.
Government data that showed Australia recorded its 20th monthly trade deficit in a row on falling commodity prices also dented confidence.
South Korea's Kospi index was lower by 0.8% to 1,910.80 points as geopolitical tensions rose after North Korea's nuclear test on Wednesday.
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