BREAKING: China’s CSI 300 Index fell -2.9% on today and closed at its lowest level since October 18th.

This marks the largest drop on a year’s first trading day in 10 years.

At the same time, Hong Kong's Hang Seng index fell -2.2% to near the lowest level in a month.

This comes after China’s Caixin Manufacturing PMI plummeted to 50.5 points in December, materially missing expectations of 51.7.

New export orders declined for their 4th month out of the last 5.

Meanwhile, China’s 10-year government bond yield plummeted to a record low of 1.63%.

China remains under pressure.