Chinese Shares Plunge Nearly 8%

Chinese shares were down more nearly 8 per cent in early trade on Monday in the face of a global sell-off, despite Beijing authorising the state pension fund to invest in stocks in its latest attempt to shore up markets.

The benchmark Shanghai Composite Index plummeted nearly 8 per cent to 3,232. The Shenzhen Composite Index, which tracks stocks on China's second exchange, plunged 7.82 per cent to 3,308.