China pledges market stabilization measures after biggest one-day drop since 2007

Chinese shares slumped on Monday as investors unnerved by weak economic data chose to lock in profits following last week’s rally.

The benchmark Shanghai Composite Index plunged 8.48 percent to close at 3,725.56 points. The smaller Shenzhen Component Index fell 7.59 percent to close at 12,493.05 points.

Nearly 2,000 shares fell by the 10-percent daily limit.

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