Major Asian stock markets tumbled on Monday, extending last week's falls that hit exchanges around the world.
Shanghai slumped 5.30% to 1,963.24 - below the psychological 2,000-point level analysts had pegged as requiring support.
Hong Kong lost 2.22%, Seoul was down 1.31% and Sydney dropped 1.47%, while Tokyo's drop of 1.26% reversed a 1.42% gain at the start of Monday's trading on the Nikkei.
The negative sentiment followed to Europe, where the Ibex closed down 1.91%, the Cac 1.71%, the FTSE 1.42%, the MIB 0.93% and the Dax 1.24%.
The negative trend continued to Wall Street, with the Dow Jones down 1.5% by the afternoon.
The widespread drops come after the US Federal Reserve's indication it could reel in its stimulus later in the year.
Markets in Hong Kong and Shanghai were also stung on Monday by a liquidity crisis in China, while Sydney was hit as a number of listed firms rely heavily on Chinese trade.
Chinese investors have been sent running by a liquidity crisis in the banking system, which has caused lenders to put the brakes on loans.
China's central bank urged lenders in the country to strengthen liquidity management, in a sign Beijing does not intend to loosen policy despite a recent credit crunch.
It was the first public comment by the People's Bank of China since interbank borrowing costs spiked to record highs in recent weeks, raising concerns over a potential cash crisis amid an already slowing Chinese economy.
Hopes that Beijing would step in to provide money were dashed at the weekend when a commentary by the official Xinhua news agency said there was no shortage of funds in the financial system.
It blamed speculation and non-bank forms of lending, often called "shadow finance", for the problem.
"It's not that there's no money, it's that the money is not in the right places," the commentary said.
Global markets have been sent into a downward spiral since the Fed announcement last week that the economy looked in good enough shape for it to start rowing back on its $85bn (£55bn) monthly bond-buying scheme.
While the move shows the US economy is gaining strength, dealers fear it will mean there is less cash in the financial system to invest.
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