China has halted trading on its stock exchange just 15 minutes into the days trading. Stocks initially fell by 5% which triggered an automated closure, stocks then fell a further 2% when the exchange reopened which forced the exchange to close for the remainder of the day to prevent further losses. This is China’s second stock market closure in 3 days due to plummeting share prices.
After the last price pump climaxing on November 4th, globally the price of Bitcoin was undergoing a heavy correction to the down side. The price had stabilised at just over 2000 CNY but it was looking likely to further correct when a suspected fake volume pump on the Chinese Bitcoin Exchange; OKCoin, caused the market to begin to rise again prematurely.