China's benchmark index falls below 3,000 level for 1st time in year

ISTANBUL

China's benchmark Shanghai Composite Index fell below 3,000 level for the first time since Oct. 2022.

The index has dropped rapidly from 3,080 to 2,980 in two days and is currently at around 2,983 points.

The Chinese government's record liquidity injections into the economy were not enough to ease the selling pressure.

Analysts said China's ongoing troubles in the real estate sector have affected the risk appetite considerably.

Rising bond yields around the world weighed on the Chinese market as well.

Interest rates played a significant role in putting pressure on equity markets.