Australian shares lose $33b after Chinese market slumps

AUSTRALIAN shares shed more than $33 billion in value, after another slump on China's mainland markets saw trading suspended for the second time this week.

Chinese stocks were halted after a further yuan devaluation spooked investors and sparked a 7-plus per cent sell-off in less than half an hour.

Chinese share trade was suspended by 12:43pm (AEDT), after less than 13 minutes of activity, when the key CSI 300 index of Shanghai and Shenzen stocks fell 5 per cent, triggering an automatic 15-minute trading halt.

When the market reopened it only took a minute or two for the index to fall more than 7 per cent, triggering an automatic suspension of trade for the rest of today.

IG chief market strategist Chris Weston told the ABC's PM program that shows the trading restrictions simply do not work.

Read more at ABC News Online


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