China stocks hammered as market crash continues

China stocks plunged again on Wednesday, even as regulators worked to contain a crisis that has wiped trillions of dollars off the country's stock markets.

The Shanghai Composite dropped 8 percent when the market opened and spent the day in negative territory before closing down 5.9 percent. Most of the stocks on the index decreased by 10 percent, the maximum before being halted, according to CNNMoney.

The smaller Shenzhen Composite lost 2.5 percent, while Hong Kong's Hang Seng dropped 5.8 percent.

The Shanghai Composite has fallen 32 percent since June 12, and the Shenzhen Composite has plummeted 41 percent over the same period.

The People's Bank of China is instituting measures to help, including cutting interest rates to a record low. Brokerages also have committed to buy billions worth of stocks, and regulators have announced a de-facto suspension of new initial public offerings.

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