China stocks slump 7 percent on opening day of 2016, trading halted for first time

January 4, 2016 6:37 AM

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SHANGHAI Chinese stock markets tumbled 7 percent in their opening session of 2016 on Monday as weak factory activity surveys and falls in the yuan added to concerns about the struggling economy, forcing exchanges to suspend trade for the first time.

Early losses quickly snowballed in the afternoon, with trading suspended around 0530 GMT (12.30 a.m. ET), about 90 minutes before the regular close.

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