In the rankings of the world's worst-performing stock markets this year, nations drowning in debt feature heavily. Greece is number one, closely followed by Slovakia, Cyprus and Spain. But then, in fifth place, there is China.
Shanghai's decline – the index is down 16 per cent since January – has caught many investors by surprise, since China is widely seen as the beacon of growth in a world that is still reeling from the financial crisis.
Having fallen to a eight-month low yesterday, the Shanghai Composite is this year's worst performing index in Asia.
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