Today has been dubbed ‘Black Monday’ in China, after shares plummeted over 8 percent in morning trade.
The benchmark Shanghai Composite Index ended the morning session down 296.55 points, or 8.5 per cent, at 3211.20.
The New Zealand stock exchange has held up relatively well compared to overseas markets, dropping 2 percent – still the biggest decline in almost four years, wiping around $2 billion off the NZ market. The S&P/NZX 50 Index was down 115 points at 5635.
Over the ditch, Australia’s stock exchange has been referred to as a ‘bloodbath’, dropping sharply at the airport, with benchmark index moving to its lowest point since December 2013 – wiping a whopping $52b from the share market.
The Aussie dollar has also dropped 1 US cent to 72.21 US cents in today's session.
“Should the higher volatility persist, the AUD and NZD should start to markedly under-perform more," analysts at ANZ said.