Chinese stocks have fallen some 7 percent, with one index registering the biggest drop since 2008.

The market is 20 percent down from the highs of two weeks ago.

Investors are selling off stocks bought on borrowed money, but it is far from clear if China’s boom time is over.

Any crash would have major implications on Beijing’s move to open up its financial markets, most imminently a plan to link the Hong Kong exchange with China’s smaller Shenzhen bourse.

CHINEXT ?
The #Nasdaq of #China , quoted on Shenzhen Stock Exchange
281 companies on ChiNext, 93% Hi-Tech firms. pic.twitter.com/tbqrs6ftCI— NetFin Marketing (@NetFinMarketing) February 23, 2015