Earlier this week, effects were felt across the globe as the Chinese stock market fell by the largest amount since 1996.
Dropping by 7.6%, this significant fall in the Chinese stock market meant that countries across the world were hit by a sharp decline in their own markets. After a period of constant growth in China, a peak was reached resulting in a plunge in share prices on what commentators are calling Black Monday.
Global Repercussions
The price of commodities such as copper and oil have dropped significantly and currencies in countries like Russia and other former Soviet countries have felt the effects. Stock markets in the US, UK, Europe and Japan all suffered declines.
China Lower Interest Rates
On Tuesday 25th August, China decreased their interest rates by 0.25% in order to try and boost growth. This meant that share prices across Europe increased as a result. If the situation in China isn’t resolved soon, there may be consequences for UK interest rates as well as stocks and inflation.
A full summary of the fall in the Chinese stock market can be found on The Guardian website.
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