China requires support from its "National team"
The Bloomberg report says China has urged state investors to prepare to stabilize the stock market, if necessary, today. As it stands, it is unclear whether government funds have already taken any action, but the fact that the Shanghai Composite is still down by more than 5% after the break and is heading for the largest plunge in seven months is not a good sign:
It is not uncommon for this kind of market intervention to exist in China, so be aware of it in the afternoon trade as we move towards the near future. Bloomberg also notes that at least one major Chinese bank is looking to offer the dollar against the yuan to limit the latter depreciation today.