The billionaire investor George Soros has now warned that China’s stock market and other global markets have echoes of the 2008 financial crisis.
‘China has a major adjustment problem,’ Soros told Bloomberg on Thursday.
‘I would say it amounts to a crisis. When I look at the financial markets there is a serious challenge which reminds me of the crisis we had in 2008.’
Trading was halted in Shanghai which resulted in the CSI 300 dropping 7% just 30 minutes into the day.
It comes just days after a dive in the Chinese stock market sent Wall Street into a tailspin, suffering one of the worst opening days in years.
On Monday, the Dow suffered its worst opening day of the year since 2008, at one point slipping 450 points.
The Nasdaq and S&P’s 500 Index both closed out at the lowest first-day point since 2001.
On Thursday, the CSI 300 slipped past 5 per cent within just 12 minutes.
After the 15-minute ‘circuit break’, it reopened for just one minute and it slipped to 7 per cent.
Read More: GEORGE SOROS: It’s like the 2008 financial crisis all over again
