The largest one-day percentage decline since February 27, 2007. AP Photo/Dita Alangkara

The global market crash continued on Monday, starting with China and then continuing around the world.

Fresh from being slammed by more than 4% on Friday, a sell-off that took weekly losses to more than 10%, Chinese stocks were hammered yet again on Monday.

At the close the benchmark Shanghai Composite index fell 8.492% to 3,209.91, taking its losses from the multiyear peak of 5,178.2 hit on June 12 to 38%.

The Chinese media is dubbing the collapse "Black Monday."

Other markets in Asia also got hammered, with Hong Kong and Japan both falling 5%. Europe markets continued the rout, with most major indices down 2%-3% in early trading. And US DOW futures were down more than 400 points three hours before the market open.

China's Shanghai index is now trading at the lowest level since mid-March, and it has wiped out all of this year's gains.

At 8.49%, it was was the largest one-day percentage decline since February 27, 2007, slightly overshadowing the previous largest plunge of 8.48%, recorded on July 27.

It was also the sixth-largest percentage decline on record since daily down limits of 10% were introduced on December 16, 1996.

Still, adding some perspective to the recent losses, the index is still up 43% from levels of a year earlier.

Business Insider Australia