Pan Xiaoyi/Shanghai Daily news

Shanghai's benchmark stock index plummeted more than 4 percent yesterday and 492.6 billion yuan (US$72 billion) was wiped off the bourse value on the back of a plunge in global markets triggered by the Wall Street credit crisis, Shanghai Daily reported.

The index dropped to a 22-month low and went under the psychological 2,000 barrier despite China's central bank cutting key lending rates and reserve requirements for smaller banks on Monday night in moves aimed to lift the domestic economy.