Update: Chinese stock markets suspended for day after shares slump 7%

[SHANGHAI] China stocks fell seven per cent on Thursday after less than half an hour of trading, triggering a newly-introduced circuit breaker mechanism.

Shanghai and Shenzhen markets will remain closed for the rest of the day.

The CSI300 index fell 7.2 per cent, to 3,284.74 points, while the Shanghai Composite Index lost 7.3 per cent, to 3,115.89 points.

Selling pressure increased in line with a slide in the yuan which fell to its lowest level since February 2011.

REUTERS