HOT HOT BREAKING China Halts Trading (Again) After 7% Drop

Chinese stock exchanges have closed early for the second time this week after the CSI 300 Index plunged more than 7 percent.

Trading of shares was halted by automatic circuit breakers from about 9:59 a.m. local time. Stocks fell after China’s central bank weakened the currency’s daily reference rate by the most since August.

Under the mechanism which became effective Monday, a move of 5 percent in the CSI 300 triggers a 15-minute halt for stocks, options and index futures, while a move of 7 percent close the market for the rest of the day. The CSI 300 of companies listed in Shanghai and Shenzhen fell as much as 7.2 percent before trading was suspended.

 -RW

(Chart via ZeroHedge)