China’s stock market fell again on Wednesday, with the Shanghai Composite dropping 1.27% to 2,927.29.

Chinese indexes have fallen about 16% in the last three days alone, sending shock waves throughout markets globally. The People’s Bank of China slashed rates again yesterday, making it the fifth cut since November last year.

The further fall in Chinese shares affected European markets again, many of which were trading down around 1 percent this morning. The FTSE is currently down 1.36 percent at 5998.84.