China shares wipe out 2015 gains as stocks tumble 8.5%

An investor watches the eclectic monitor at a stock exchange in Huaibei, Anhui province, China on 24th August 2015.Chinese stocks plummeted Monday, erasing gains for the year.The Shanghai Composite SHCOMP, -8.49% closed down 8.5% at 3,209.91, bringing its losses since its mid-June peak to nearly 38%. At that point, the index had doubled in value over the preceding 12 months.China's small-cap stocks have also been battered: The Shenzhen benchmark 399106, -7.70% closed down 7.7% on Monday, breaching the worst point of its summer selloff for the first time. (Photo by Jie Zhao/Corbis via Getty Images)