Live | China Markets Live - Chinese markets rally in last hour to end 5-day losing streak

Welcome to the SCMP's live markets blog. The intense volatility of recent weeks has every chance of remaining the core underlying theme of activity. Investors are increasingly focused the broader question of how this episode might affect the wider economy as many suspect the equity bubble has yet to fully deflate. We'll bring you the key levels, trading statements, price action and other developments as they happen.

Here’s a summary of market action today and overnight: 

• After losing ground mid-afternoon, Shanghai rallies in last hour to end the day up 5.34 per cent
• Shenzhen, which moved into negative territory, reverses to finish the day 3.3 percent stronger
• Hang Seng Index in Hong Kong soars 758.15 points or 3.6 per cent to match robust close in Shanghai and Shenzhen
• ING says China rate cuts have not been able to provide sustainable market cheer and along with Fed uncertainty, volatility to hound markets
• US Fed's Dudley says September rate increase "less compelling" due to turmoil wracked global markets, most analysts now betting on December or even 2016 for first rate rise in a decade 

4:07pm: The Hang Seng Index closes a good day at 21,838.54 points, a gain of 3.60 per cent or 758.15 points. It was even better for the H-shares index, which closed 4.62 per cent up at 9,863.61.

3:26pm: After yesterday’s US$4.9 billion turnover for dollar-yuan trading at the China Foreign Exchange Trade System, some banks in China were seen by traders to be selling their dollar holdings.  

As of 3 pm, Bank of Communications is offering at 6.4057; ICBC at 6.4057; HSBC at 6.4051. Reference price provided by CFETS for the day is at 6.4085 – it has just started publishing its own this week.

The dollar-yuan is trading at 6.4061 – down 0.07 per cent for the day.