At 9:42am, a sharp fall in the Chinese stock exchanges triggered a controversial new “circuit breaker” that halts trading for 15 minutes after. When trading resumed at 9:57, investors panicked. High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights.
The 29 minutes that shook the world began on Thursday, January 7 at 9.30am Chinese local time when markets opened. At 9.42am, a sharp fall on the Shanghai and Shenzhen stock exchanges triggered a controversial new “circuit breaker” that halts trading for 15 minutes after a 5 per cent decline and closes the markets for the day after the blue-chip CSI 300 index is off 7 per cent.
When trading resumed at 9.57am, investors panicked. It took just another two minutes for the CSI 300 to set off the second circuit-breaker, ending the day’s session before, as Chinese investors joked, their “coffees had even cooled”.
The 29 minutes that shook the world began on Thursday, January 7 at 9.30am Chinese local time when markets opened. At 9.42am, a sharp fall on the Shanghai and Shenzhen stock exchanges triggered a controversial new “circuit breaker” that halts trading for 15 minutes after a 5 per cent decline and closes the markets for the day after the blue-chip CSI 300 index is off 7 per cent.
When trading resumed at 9.57am, investors panicked. It took just another two minutes for the CSI 300 to set off the second circuit-breaker, ending the day’s session before, as Chinese investors joked, their “coffees had even cooled”.