CHART: The Shanghai Composite just closed at the lowest level this year

The index finished the session down 7.63% at 2964.9674 points, the first time it has closed below the 3000 point level since December 24 last year.

Combined with the 8.5% plunge recorded yesterday, the index has now fallen 15.06% in just two trading sessions.

It is the largest two-day percentage decline since December 17, 1996.

From the high of August 18, the index has lost a jaw dropping 26% in just five trading sessions.

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