Chinese shares plummet by 2.93 percent to a 16-week low Monday.
Chinese shares took a nosedive by 2.93 percent to a 16-week low Monday as the major gauge Shanghai Composite Index slumped below 2,800 points, after chairman of securities regulator said over the weekend that it is pushing forward an international board at the Shanghai Stock Exchange.
The stock nosedive is aslo a reflection of worries about a slowdown in China's economy, which is reinforced by China's weak May manufacturing data released by HSBC Monday. HSBC's preliminary purchasing managers index for China fell to a 10-month low of 51.1 in May, down from April's final reading of 51.8.
The benchmark Shanghai Composite Index moved down 2.93 percent, or 83.89 points, to 2774.57.
The Shenzhen Component Index fell 3.44 percent, or 418.84 points, to 11742.19.
