24th August 2015
Global markets were in meltdown on Monday after China suffered its worst trading day in eight years.
Dubbed Black Monday by Beijing's own news agency, stocks in Shanghai tumbled by more than eight per cent, after losing 11.5 per cent last week amid growing fears about the state of China’s economy.
The rout hit European markets on the open, with the FTSE 100 in London shedding three per cent in early trading, having suffered a five per cent fall last week.
Britain’s blue chip index has now lost 15 per cent since it hit a high in April of 7,104.
Markets have been in turmoil since the People’s Bank of China moved to curb the value of its currency in August.
More than $5 trillion has been erased from global stock markets after the country’s central bank devalued the yuan a fortnight ago.
But the chaos has been good for the euro, which rose one per cent against the weaker US dollar to reach its strongest level since the start of the year.
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