China’s stock market has suffered another major blow after it crashed by almost 20% overnight, with investors calling for a new rally.

But the country’s leaders have yet to declare whether they plan to lift the government’s capital controls in time to support the yuan, and the government has resisted calls to step up its efforts to rein in a market that has already surged to a record high.

Read moreChina’s currency markets, which have plunged more than 10% in just a few weeks, are in deep trouble after the central bank halted buying yuan as a way to stabilize the currency.

The currency has lost more than half its value against the dollar over the past 24 hours, and traders have begun to warn of a global economic slowdown.

The People’s Bank of China has previously said it could buy the yuan to shore up the currency after a series of market disruptions, but its latest move appears to be a much more significant step than it was during the currency’s previous surge.

It has also given no indication it plans to halt the yuan’s ascent.

The announcement was made on the eve of a meeting of the Shanghai Cooperation Organization, which is an economic club of China, Russia, the United States, and other nations that includes countries like India.

The decision to halt trading was made at a meeting on Monday of the central committee of the Chinese Communist Party, the countrys top economic body, which oversees the currency market.

China is already experiencing a sharp slowdown in the value of its currency, with the country posting a 2% drop in its currency reserves last week, the highest level in two months.

In addition, the People’s Daily, the government mouthpiece, warned that the yuan could slide to a five-year low in a matter of days.

The yuan has gained almost 30% since it began trading in mid-September.

The central bank has already increased its buying of the currency to support a currency market that surged by almost 40% during the first quarter of this year.

But many economists believe that the central government’s efforts to stimulate the economy by increasing the flow of capital has failed to make much of a dent in the countryís economy.

The People’s Investment Corporation, China’s largest private investment bank, reported last week that the country has just a 6% chance of recovering the 2% rate of GDP it saw in the second quarter.

And despite the recent rally, some investors are calling for China to lift capital controls.

China is a large economy and, if the central authorities do lift the controls, there is a good chance that they will only be used to prop up the economy, says Peter Boockvar, chief economist at Nomura.

Read or Share this story:The People\’s Daily also warned on Monday that China could face a market correction in the next three months if it fails to act quickly to stabilize its currency.

“If the central banks of the U.S., Europe, and Japan fail to lift controls soon, the markets will likely plunge again and the dollar will drop as well,” the paper said.

Read the rest of this story on our China stock market coverage.