Chinese stocks were absolutely hammered on Monday with the benchmark Shanghai Composite index slumping 8.48%.
Not only was the decline the largest in percentage terms since February 27, 2007, it was also the sixth-largest seen in the past two decades.
At 345.35 points, it also marked the second-largest points decline on record, only exceeded by the 354.68 point plunge recorded on January 22, 2008.
Following the plunge seen on that day, the index went on to fall by an additional 68%, taking it from over 5,000 points to under 1,700 points in just 186 trading sessions.
Many, particularly China’s government, will be hoping that history fails to repeat on this occasion.