China’s stock market fell drastically by its biggest margin in eight years, defying the government’s multibillion-dollar attempt to stop a slide that has wiped out all of the gains of this year’s price boom. Chinese markets were down more than 9 percent and had only slightly recovered by the close of trade, the worst daily performance since 2007. The benchmark Shanghai Composite Index fell 8.5 percent, its biggest one-day loss since February 2007. The index was down 38 percent from its June 12 peak.
Many retail investors had been encouraged to return to the market after the crash in June, with company executives leading employees to buy back company stocks, and others being encouraged by patriotic appeals to buy shares to “defend the stock market” against a shadowy cohort of investors “maliciously” shorting the market.
Facts About China
- China uses 45 billion chopsticks per year.
- Facebook, Twitter and The New York Times have been blocked in China since 2009.
- The World’s First Paper Money was created in China
1,400 years ago.
- Table tennis is China’s national sport.
- Air pollution in China increases snowfall in California.
- Toilet paper was invented in China in the late 1300s. It was for emperors only.
- Despite its size, all of China is in one time zone.
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