China market tumbles 2.2%

A selloff in late afternoon trade dragged the Mainland China's stock market deeply into red on Thursday, 30 July 2015. The panic selling triggered after China Securities Journal reported that Chinese banks had been checking their exposure to the stock market through wealth management products and loans collateralized with stocks. The benchmark Shanghai Composite Index ended 83.40 points, or 2.2%, down at 3705.77 points. The Shenzhen Composite Index, which tracks stocks on China's second exchange, tanked 3.21%, or 70.66 points, to 2128.16 points. The CSI 300 Index, measuring exchanges in Shanghai and Shenzhen, dropped 115 points, or 2.93%, to 3815.41

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