Chinese stocks suffered their biggest one-day fall since August 2009 amid fears that policymakers would raise interest rates to fight rising inflation.
The Shanghai Composite lost 5.2 per cent to 2,985.40, with financial services and resource sectors hit particularly hard and dozens of stocks falling by their 10 per cent daily limit.
“Everyone is selling their stocks today,” said Peng Yunliang of Shanghai Securities, who put the falls down to data showing Chinese inflation rising more rapidly than expected and worries of further monetary tightening by the mainland authorities.
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