Chinese stocks tank amid global share rout

Fresh from being slammed by more than 4% on Friday, a sell-off which took weekly losses to more than 10%, Chinese stocks have been hammered in early trade on Monday.

After 45 minutes of trade the benchmark Shanghai Composite index is down 8.43%, taking its losses from the multi-year peak of 5178.2 hit on June 12 to 37.72%.

It is now trading at the lowest level since mid-March, and has wiped out all of this year’s gains.