At the close of the Shanghai Composite on Monday, local time, the Chinese stock market slid more than 8% from its previous close on Friday.
The loss took values to their lowest point since 2007 which wiped out all the gains thus far from 2015 showing no signs of abating.
European stocks opened hours later in reaction mode with a selloff ensuing, and all signs are that a similar fate will follow a downturn in U.S markets by the day’s end.
The global rout continues on the heels of an historic devaluation of the Chinese yuan with reports that Beijing is preparing to flood the economy with currency in hopes of spiking consumer spending to forestall a deflationary free-fall.
