China Tanks 5.8%

bridgecollapse tbi

It looks like last week’s dip in China wasn’t just a breather. Concerns over a bubbly stock market and a possibly tightening credit sent the Shanghai index down another 5.8% in Monday trading. It was the biggest drop in 9 months, with the index now sitting at a 2-month low.

Officially, the government has given no word that they’re going to try to slow down the market — in fact, they’ve only said the opposite, that they’re aiming for equity market stability. But lately it hasn’t been working.

It’s possible there was also some cary-over from the week US Consumer Confidence numbers that came out on Friday.

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.