Chinese markets slump to five month low

China's Shanghai Composite index dipped 0.52 percent to 2,886.74 amid heavy selling pressure globally. A surprise rate cut in China triggered further weakness as economic concerns stayed in the place. The index is at five month low.

Meanwhile, Hong Kong's Hang Seng index tumbled 1.77 percent to 17,004.97 as Chinese internet giants tracked losses in their U.S. peers.

China's central bank reduced the medium-term lending facility rate by 20 basis points for the first time since August, after cutting several benchmark lending rates on Monday.

The People's Bank of China cut the rate on one-year medium-term lending facility to 2.3 percent from 2.5 percent on Thursday. The bank injected CNY 200 billion into the market via MLF.

The PBoC also conducted CNY 235.1 billion of seven-day reverse repos at an interest rate of 1.7 percent today.

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