China's stock market suffers biggest one-day fall since 2007 - Yahoo Finance: "BEIJING (AP) -- China's stock market fell Monday by its biggest margin in eight years, defying the government's multibillion-dollar effort to stop a slide that has wiped out the gains of this year's price boom.
The decline threatened to weigh anew on global markets after last week's Chinese losses triggered a worldwide selloff.
The benchmark Shanghai Composite Index fell 8.5 percent to close at 3,209.91 points, its biggest one-day loss since an 8.8 percent decline on Feb. 27, 2007. The index is down 38 percent from its June 12 peak and just under 1 percent below its closing on Dec. 31, last year's final trading day.
"A disastrous result for China, after working so hard to breathe life back into domestic equities after the 2007 crash and having spent hundreds of billions of dollars propping up the market since June," said Angus Nicholson of IG Markets in a report.
Small investors have suffered heavy losses, souring many on stock ownership and threatening to disrupt Communist Party plans to use the market to raise money for reforms of state industry."
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