THERE IS NO FUTURE THERE:

China's Shanghai Composite index shed 8.5% on Monday, a bone-rattling decline that raises questions about the government's ability to prevent a crash.

Beijing managed to stabilize markets with a dramatic rescue in late June and early July, intervening in a number of ways to limit losses for investors.

But the rout has now resumed: Monday's slump was the biggest daily percentage decline since 2007.

The vast majority of companies listed in Shanghai, including many large state-owned firms, fell by the maximum daily limit of 10%.

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