Chinese stocks are crashing

Markets in Asia are open on Wednesday and stocks in China are in free fall.

Shortly after the market open on Wednesday morning, China's benchmark Shanghai Composite index was down as much as 8%.

Near 9:50 pm in New York on Tuesday night, the Shanghai Composite was down 6%.

Investing.com

According to the Financial Times, this was the biggest drop since 2007.

The FT also noted that 43% of the stocks listed on the Shanghai Composite have been frozen on Wednesday and aren't trading at all.

In a presentation on Tuesday, Jeff Gundlach of DoubleLine Capital, the so-called "bond king," said that only one thing can be said about the Chinese stock market: "It's not good."

In early trade on Wednesday, that is an understatement.