China’s Shanghai Composite Index reached its 2015 peak on 12 June 2015 before the major crash.
The index closed at 5,178.19 on that date after more than doubling from its low in 2014. A large wave of retail participation, margin borrowing, and optimism about Chinese economic growth had helped drive the rally. Chinese authorities had also taken steps that encouraged equity-market participation, while many investors bought shares with borrowed money.
The market then reversed sharply. By July, forced selling and efforts to reduce leverage had intensified the decline. On 24 August 2015, often called “Black Monday” in China, the Shanghai Composite fell 8.49% in one session. The turbulence continued into 2016 and affected global investor confidence, commodities, and other stock markets. The 12 June peak is distinct from the later low: the index eventually reached 2,638.30 on 29 January 2016. The episode is therefore often described as the 2015–2016 Chinese stock-market turbulence rather than a single-day crash.