Chinese shares surge despite Asian market trending low after Greece referendum

Shares in China have increased by almost eight percent despite the rest of the Asian market trading lower following Greece rejecting the terms of the international bailout referendum.

In an unprecedented move, brokerages and fund managers vowed to buy massive amounts of stocks backed by the state.

According to BBC, the euro fell across the board after Greece rejected the terms of a bailout package from its creditors in a referendum, increasing the probability of the country's ejection from the eurozone.