The Chinese stock market saw 6.5% wiped from its value today, as the government launched another attempt at deflating what a growing number of local regulators and investors including Asia's richest businessman have called "a bubble".

China's benchmark index, the Shanghai composite, closed down 6.5% and the Shenzhen composite fell 7.1% on news that the Ministry of Finance had raised stamp duty tax on shares trading threefold to 0.3%.