China markets 'gloomier day by day'
25 June 2013 Last updated at 11:12 BST
Chinese stocks have fallen to a four-and-a-half-year low amid continued concern over the government's credit-tightening policy.
The Shanghai Composite SSE index fell as much as 5.3% to 1,859 points.
This resulted in shares entering bear market territory - describing a 20% fall from a recent peak.
The BBC's John Sudworth said that the markets in China were gloomier "day by day" amid fears that a credit crunch could send shockwaves through the economy.