Chart: Australia's ASX 200 just recorded its largest monthly decline since the height of the GFC

Australia’s benchmark ASX 200 index has had a month to forget in August, falling heavily on the back on concerns surrounding China’s economy, the possibility of a September interest rate hike in the US, capital raisings from the country’s largest banks and a lacklustre earnings season.

For the month the index fell 8.64% to 5207 points.

It was the largest percentage decline since October 2008 – the height of the global financial crisis.

It was also larger than any loss seen during the European debt crisis, and also September 2001.

There have been only four larger monthly declines in the 15-year history of the index.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.