The benchmark Shanghai Composite shed 4.2% at the opening bell, only to recover and lurch into positive territory by mid-day. The smaller Shenzhen Composite followed a similar pattern, opening nearly 5% lower before mounting a recovery.
The Shanghai index has now crashed roughly 40% from its June 12 peak, leaving the index with a 3% loss since January.
Beijing has acted aggressively in recent months to prop up stocks. The central bank has injected cash into the financial system and state-backed brokerages have been ordered to buy stocks, but the measures have largely failed to stem losses.
via CNN
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Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
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