Chinese authorities have escalated their market intervention in a bid to prop up stocks after $590bn was wiped off shares on Monday.

Beijing’s state-owned financial institutions hoovered up shares, and regulators extended a selling ban on major companies, to quell investor fears after a tumultuous start to 2016 trading.

The main Shanghai Composite index of shares fell just 0.3pc on Tuesday, while the smaller Shenzen Composite declined less than 2pc, after bleeding 8.2pc at the start of new year trading.

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