China stock index down 3pc at one-year low

SHANGHAI: China's benchmark stock index dropped more than 3 percent in late morning trade on Monday in line with a broader Asian equity tumble after Standard and Poor's stripped the United States of its top-tier AAA credit rating on Friday.

The Shanghai composite index fell to 2,529.4 points at 0303 GMT, its lowest level since July last year and extending a 2.8 percent fall last week, following a slump in global equities.

China's tiny and little traded hard currency B-share market fell even more, with the Shanghai B-share index slumping 6.7 percent.

Copyright Reuters, 2011