Bloomberg reported China’s stocks extended the steepest five-day drop since 1996 in volatile trading as lower interest rates failed to halt a $5 trillion rout.

Bloomberg said the government has halted intervention in the equity market this week as policy makers debate the merits of an unprecedented rescue, according to people familiar with the situation.

Bloomberg quotes the chief executive at Partners Capital International in Hong Kong as saying, “The prevailing sentiment is still that investors want to cash out, whatever the government does — confidence is already damaged. Doubts over the effectiveness of policies are getting bigger. The market will remain under selling pressure for a while.”

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