The Australian dollar is tanking

Photo: Getty Images

The Australian dollar has been hammered on Monday.

The AUD/USD is currently off 1.30% at .7225, having fallen as low as .7202 earlier in the session.

At its session lows, it was trading at the lowest level since late April 2009.

Against the Japanese yen the losses are even greater, falling 2.10% to 87.37.

The falls come in response to a renewed plunge in China’s stock market.

The benchmark Shanghai Composite index is currently down 8.92% after falling by more than 4% on Friday.

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