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China markets see a volatile day of trade on Monday China markets see a volatile day of trade on Monday
(35 minutes later)
China's markets were volatile for much of Monday as mainland stock exchanges reopened following a four-day weekend.China's markets were volatile for much of Monday as mainland stock exchanges reopened following a four-day weekend.
The Shanghai Composite traded erratically, but closed down by 2.5% to 3,080.42. The Shanghai Composite traded erratically, but closed down by 2.5% to 3,080.42 points.
The market volatility in China came as the country's National Bureau of Statistics revised its annual economic growth rate for 2014 to 7.3% down from 7.4%. The market volatility in China came as the country's National Bureau of Statistics revised its annual economic growth rate for 2014 to 7.3%, down from 7.4%.
The Hang Seng also slipped in and out of positive territory on Monday. Hong Kong's benchmark Hang Seng index closed down 1.2% to 20,583.52.
By late afternoon trade, the Hong Kong benchmark was in negative territory, down 0.35% at 20,766.93. Mainland shares have fallen 40% since mid-June when the sell-off began, while Chinese regulators continue to take more steps to stabilise erratic trading.
China's central bank governor, Zhou Xiochuan, told financial leaders at the G20 summit over the weekend that the markets had almost completed their correction after a steep rise in the first half of the year.
"The stock market adjustment is already roughly in place and financial markets can be expected to be more stable," Mr Zhou said in a statement from Turkey.
Elsewhere in AsiaElsewhere in Asia
Other Asian markets were mixed on Monday too despite stocks in the US, which headed lower after US jobs figures were released. Other Asian markets were mixed on Monday despite stocks in the US, which headed lower on Friday after US jobs figures were released.
Friday's much-anticipated jobs figures showed unemployment fell to 5.1% last month, the lowest since April 2008.Friday's much-anticipated jobs figures showed unemployment fell to 5.1% last month, the lowest since April 2008.
The jobs report is the last before the US Federal Reserve meets later this month to decide whether to increase interest rates.The jobs report is the last before the US Federal Reserve meets later this month to decide whether to increase interest rates.
Japan's benchmark Nikkei opened lower on Monday, down 0.65%, but finished the day closing up 0.38% at 17,860.47.Japan's benchmark Nikkei opened lower on Monday, down 0.65%, but finished the day closing up 0.38% at 17,860.47.
Economist Angus Nicholson from IG Markets said in a note that trading in Asia on Monday would be driven by two main factors. Economist Angus Nicholson from IG Markets said in a note that there were two main factors driving Asian trading on Monday, "the delayed response to Friday's non-farm payrolls number out of the US and the reopening of the Chinese stocks markets after a four-day break".
"The delayed response to Friday's non-farm payrolls number out of the US and the reopening of the Chinese stocks markets after a four-day break," he said. "Both of these factors are likely to spur further selling in Asian markets today, with the outcome of the [mainland] Chinese market reopening being the greater cause for concern," he added.
"Both of these factors are likely to spur further selling in Asian markets today, with the outcome of the [mainland] Chinese market reopening being the greater cause for concern."
In Australia the S&P/ASX 200 closed down 0.2% at 5,030.40, while South Korea's Kospi benchmark index closed down 0.15% at 1,883.22 points, after closing down 1.5% on Friday.In Australia the S&P/ASX 200 closed down 0.2% at 5,030.40, while South Korea's Kospi benchmark index closed down 0.15% at 1,883.22 points, after closing down 1.5% on Friday.