Sharp drop in Shanghai stocks as industrial profits slip in June

Chinese stocks were registering another large drop at the start of the week although no immediate triggers for the selling were readily apparent.

Some market commentary was referencing the release of data showing that industrial profits in the Asian giant slipped by 0.3% in June from a year earlier as stoking further worries about the economy.

That came as the International Monetary Fund has urged China to eventually unwind its support measures, according to a person familiar with the matter cited by Bloomberg.

On Friday, the country's State Council moved to widen the trading band for the country's currency, the Yuan.

As of 08:06 the Shanghai Stock Exchange Composite Index was registering a sharp 7.78% fall to 3,754.021 points.