Wall St sell-off prompts global rout

A stock market panic that started on Wall Street swept through Asia on Thursday, knocking down indexes in Hong kong. [Photo provided to China Daily]

Domestic market panic is expected to ease "to a certain extent" as the People's Bank of China, the country's central bank, has tried to inject more liquidity into the market by implementing a medium-term lending facility, a central bank tool to help manage liquidity, as well as lowering reserve requirement ratios for lenders, he said.

Earlier this month, the central bank said it would reduce the reserve ratio for most banks by one percentage point, the fourth time this year it sought to increase liquidity for businesses.

Wang said China's continued efforts to promote economic and financial opening-up will play a positive role in stabilizing domestic investor sentiment.