Greece Is Keeping Chinese Stocks From Rebounding

Uncertainty over Greece’s debt crisis battered global stocks on Monday morning, as the troubled country dealt with bank closures and placed limits on ATM withdrawals.

The global sell-off was particularly poorly timed for the Chinese stock market, which retreated into a bear market early Monday after the country’s central bank cut interest rates over the weekend in a move meant to bolster the market. China’s stock market, which fell more than 7% on Friday, started this morning moving upward before quickly reversing, leaving the market down more than 20% from highs earlier this month.

The Shanghai Composite index ended the day down 3.3%, while the Shenzhen exchange closed down more than 6% and Hong Kong’s Hang Seng dropped 2.6%.

The recent sell-off has hit several large Chinese companies particularly hard, with train maker CRRC Corporation’s stock down more than 50% from its peak price, according to The Wall Street Journal