What term describes China's dramatic stock-market sell-off that began in June 2015?

The 2015 Chinese stock market crash, also called the 2015–2016 Chinese stock-market turbulence, began after mainland share prices peaked in June 2015 and then plunged. The Shanghai Composite had more than doubled in the year before its June high.

A surge of retail investors, margin borrowing and policy encouragement had pushed valuations upward. When prices reversed, leveraged traders faced margin calls and rushed to sell. The Shanghai Composite fell about 30% in just over a month, prompting emergency measures such as trading suspensions, limits on new listings and restrictions on large shareholders' sales.

A second sharp decline occurred in August 2015 after a change in the renminbi's exchange-rate regime heightened concerns about China's economy. International markets also weakened, although China's capital controls limited some direct spillovers.

The episode is not the same as the 1997 Asian financial crisis: China did not devalue its currency in that event, and the 2015 turmoil centered on domestic equities and leverage.