China's stock slide continues, despite government intervention

(Image credit: ChinaFotoPress/Getty Images)

published 8 July 2015

Chinese stocks continued to plunge Wednesday, despite the government's latest moves to stabilize the market. After making brokerage firms pledge $20 billion to buy up the stocks of large companies, China on Wednesday took a similar approach with small and medium-sized businesses. Nevertheless, the main Shanghai and Hong Kong indexes both had tumbled around 6 percent by the time the markets closed. The weeks-long slide is the worst since 2007, and has been blamed on an overheated market fueled by investor borrowing. Read more at The Associated Press and The New York Times.