The MSCI Asia Pacific Index, which includes large- and mid-cap companies from 13 countries in the Asia-Pacific region, fell more than 7 percent in trading on Monday, the worst day for the index since 2008, Bloomberg reports.

Chinese stocks led the sell-off. The main benchmark for Chinese stocks quoted in Hong Kong fell more than 10 percent.

Most Asian markets are trading at a minimum.

Taiwan's technology stock index recorded a record drop of 9.8 percent.

Major indices in Japan and South Korea fell more than 4 percent.

India's main stock index fell 5.1 percent—the highest since June 2024.

In some countries, including Indonesia, Thailand, and Vietnam, markets are closed for holidays, but there have been declines there as well in recent days.

The drop affected Asian national currencies also, including the Chinese yuan, with the Philippine peso falling the most.