Amid signs of the market freezing up as
companies scrambled to have trading in their shares suspended, the People's
Bank of China said it was watching closely and would guard against systemic
regional financial risks.
The CSI300 index of the largest listed
companies in Shanghai and Shenzhen fell 5 percent in early trade, while the
Shanghai Composite Index was down 4.3 percent. Both indexes had plunged around
8 percent at the market open.
Around 30 percent has been knocked off the value of Chinese shares since
mid-June, and for some global investors the fear that China's market turmoil
will destabilise the real economy is now looming as a bigger risk than the euro
zone crisis.
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