Authorities in Asia are stepping up efforts to limit the damage from Monday’s vicious selloff, which left markets across the region nursing heavy losses.
China’s Shanghai Composite led the declines, ending down 8.5 percent – its biggest one-day percentage fall since February 2007 – and erasing its gains for the year. But no market has been spared the turmoil triggered by a host of concerns ranging from China’s slowdown to the Federal Reserve’s impending rate hike.
After China, the worst hit markets were Philippines, Vietnam and Japan, where stock indexes plunged between 5 and 6.5 percent. The mounting losses prompted mixed reactions from policymakers.
