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USA: America monitoring Chinese market - White House Press Secretary01:12

USA: America monitoring Chinese market - White House Press Secretary

United States, Washington D.C
August 25, 2015 at 10:42 GMT +00:00 · Published

White House press secretary, Josh Earnest, stated that the US Treasury Department is "closely monitoring" the Chinese financial markets amid large falls in the Chinese stock market, in a statement to press in Washington D.C. on Monday. Earnest also said that the White House is continuing to urge Chinese financial reform, specifically an 'increase in exchange rate flexibility.'

The Dow Jones Industrial index plummeted as much as 1,089 points in the first minutes of trading on Monday, recovering later to 600 points down from the start of the day. The Nasdaq dropped by 3.7 percent, while the S&P 500 sunk 4.2 percent.

The mass selling and panic began with an 8.5 percent drop in China's Shanghai composite index, its biggest one-day percentage loss since 2007.

USA: America monitoring Chinese market - White House Press Secretary01:12
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White House press secretary, Josh Earnest, stated that the US Treasury Department is "closely monitoring" the Chinese financial markets amid large falls in the Chinese stock market, in a statement to press in Washington D.C. on Monday. Earnest also said that the White House is continuing to urge Chinese financial reform, specifically an 'increase in exchange rate flexibility.'

The Dow Jones Industrial index plummeted as much as 1,089 points in the first minutes of trading on Monday, recovering later to 600 points down from the start of the day. The Nasdaq dropped by 3.7 percent, while the S&P 500 sunk 4.2 percent.

The mass selling and panic began with an 8.5 percent drop in China's Shanghai composite index, its biggest one-day percentage loss since 2007.

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