China’s Stocks Tumble, Dragging Shanghai Index Down 20% from November High

China’s stocks fell, dragging the benchmark index down 20 percent from a Nov. 8 high, as the loss of America’s top credit rating fueled concern global economic growth will slow.

The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, slumped 122.68 points, or 4.7 percent, to 2,503.74 at 11:09 a.m. local time, set for the biggest decline since Nov. 12 and the lowest close since July 19, 2010. A decline of 20 percent or more signals a so-called bear market to some investors.

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