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China's key stock index falls 5.48% in afternoon trading

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(Globalpost/GlobalPost)

Chinese shares slumped more than five percent on Monday as the government showed little willingness to address a liquidity squeeze in the domestic financial system, dealers said.

The benchmark Shanghai Composite Index lost 113.67 points, or 5.48 percent, to 1,959.42 in afternoon trade, breaching the 2,000-point level analysts had pegged as support.

awt-kgo/jta

http://www.globalpost.com/dispatch/news/afp/130624/chinas-key-stock-index-falls-548-afternoon-trading-0