Which 2015 Chinese stock-market crash followed a sharp reversal in mainland share prices after the 2015 rally?

The 2015 Chinese stock-market crash was part of the 2015–2016 Chinese stock market turbulence.

China’s mainland equity markets rose steeply during the first half of 2015, attracting many retail investors and substantial margin borrowing. The Shanghai Composite Index reached 5,178.19 on June 12, 2015, then fell sharply over the following weeks.

Authorities responded with measures including trading suspensions, restrictions on some selling and support from state-linked institutions. The turmoil returned in early 2016, when newly introduced circuit breakers were triggered and then abandoned after worsening market uncertainty.

The episode was not the same as the Asian financial crisis of 1997, which began with pressure on Thailand’s baht and spread through several Asian economies. China’s 2015–2016 turbulence was centered on mainland equity prices, leverage, investor sentiment and policy responses. It also differed from the 2015 renminbi devaluation, which was a separate currency-market event.