Chinese stocks broke the 1800-point mark to 1795.54 points and hit the two year low three minutes after the opening at 9:30 local time on Monday.
The Shanghai Composite Index opened at 1809.22 points, down 30.4 points or 1.65 percent from the previous closing. The index then continued to fall and hit 1795.54 points, the lowest level since Oct. 24 of 2006 when the index closed at 1805.18.
The smaller Shenzhen Component Index opened 6037.54 points, down 121.41 points or 2 percent from the previous closing 6158.95 points.
Monday's fall came one day after the country scrapped the tax levied on the interest income of individual stock account balance.
The Ministry of Finance said on Sunday the decision, effective Oct. 9, aimed at maintaining a stable and healthy development of the capital market.
Source: Xinhua
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