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Asian stocks in fresh falls as sell-off continues China shares fail to lift on the central bank's rate cut
(about 1 hour later)
Asian shares have opened lower again as concerns over China's slowing growth continue to haunt investors. Chinese shares continued to lose ground despite the central bank's latest effort to reassure traders.
Chinese mainland shares have fallen more 16% since the beginning of the week, sending shockwaves through global markets. The mainland's benchmark Shanghai Composite was down 1% in early trading to 2,934.27 points.
Asia's largest index, Japan's Nikkei 225 opened slightly lower, dropping 0.3% to 17,753.82. The index had already fallen about 16% this week, sending shockwaves through global markets.
The fall came despite Beijing's latest efforts to boost growth and reassure traders by cutting interest rates. The dramatic losses and volatility in China has shattered investor confidence and led to sharp falls in Asia and the US over the past days.
The People's Bank of China cut its key lending rate by 0.25 percentage points to 4.6% in an effort to calm stock markets after two days of turmoil. On Tuesday, China's central bank cut its key lending rate by 0.25 percentage points to 4.6% in an effort to calm stock markets after the past days' turmoil.
It is the fifth interest rate cut since November last year. It is the fifth interest rate cut by the People's Bank of China since November last year.
The Nikkei's fall on Wednesday added to an already painful week for the Tokyo index which has already shed more than 8% so far. Hong Kong's Hang Seng index fared slightly better than the mainland, trading flat at 21,401.73 points.
Elsewhere in Asia, investors were equally hesitant sending Australia's S&P/ASX 200 down by 0.5% to 5,109.90 while South Korea's Kospi index was flat.
Overnight, European and US markets saw another session of volatile trading.
Read more: The six Cs of the China stock slump
The stocks fall in facial expressions
China economy woesChina economy woes
Wednesday's trading sessions both in Asia, as well as later in the day in Europe and the US, are likely to focus on how Chinese stocks will perform after the rate cut announcement which came after the close of mainland trade on Tuesday.
Chinese shares had experienced a year-long rally - mainly fuelled by investors borrowing money to buy shares - which came to an end in June.Chinese shares had experienced a year-long rally - mainly fuelled by investors borrowing money to buy shares - which came to an end in June.
The Chinese government then intervened in financial markets, to try to maintain momentum in the economy. The Chinese government then intervened in financial markets to try to maintain momentum in the economy.
Two weeks ago the central bank devalued the currency, the yuan, to boost exports - this raised fresh concerns that China's economy could be in worse shape than previously thought.Two weeks ago the central bank devalued the currency, the yuan, to boost exports - this raised fresh concerns that China's economy could be in worse shape than previously thought.
Given China's central role in world trade, a slowdown in the world's second largest economy would likely reverberate around the globe.Given China's central role in world trade, a slowdown in the world's second largest economy would likely reverberate around the globe.
Read more: The six Cs of the China stock slump
The stocks fall in facial expressions
Cautious optimism elsewhere
Elsewhere in Asia, the region's largest index, Japan's Nikkei 225 edged higher on Wednesday, up by 0.9% to 17,946.41.
The Nikkei's gains come after a painful week for the Tokyo index which had shed more than 8% in the past two sessions.
South Korea's Kospi index was also in positive territory, trading 1% higher at 1,865.54 points while in Australia, the S&P/ASX 200 failed to make any gains and traded flat at 5,132.60.
Overnight, European and US markets saw another session of volatile trading.
Read more from our experts:Read more from our experts:
Duncan Weldon: What next for the global economy after China market woes?
Andrew Walker: How the China share slump affects the rest of the worldAndrew Walker: How the China share slump affects the rest of the world
Karishma Vaswani: China counts cost of Black MondayKarishma Vaswani: China counts cost of Black Monday
Robert Peston: Will China’s slowdown make us poorer?Robert Peston: Will China’s slowdown make us poorer?
Duncan Weldon: China share falls - why it's not 2008Duncan Weldon: China share falls - why it's not 2008