Losses on Monday pushed both the Shanghai and Shenzhen composite indices down beyond a decline of 20% since their June 12 peak, a qualifier commonly held to signify entry into a bear market, The New York Times reported. Shanghai closed the day down 3.3%, while Shenzhen fell 6.1%. Both exchanges had fallen more than 7% when trading closed on Friday. An interest rate cut by the People’s Bank of China on Saturday seemed to have little impact on the ongoing rout, as many listed firms ended Monday with their share prices having fallen by the maximum of 10% for a second consecutive session.
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