The Red Chip casino took another one of its patented 6.5% belly flops last night. In fact, more than 1,300 stocks in Shanghai and Shenzhen fell by 10%—the maximum drop permitted by regulators in one day—–implying that the real decline was far deeper.

This renewed carnage was the worst since, well, the last 6% drop way back on January 29, and means that the cumulative meltdown from last June’s high is pushing 45%. And all this red chip mayhem did not come at an especially timely moment for the regime, as the Wall Street Journal explained:

It comes at an awkward moment for the Chinese government, which is hosting the world’s leading central bankers and finance ministers starting Friday. China has been expected to use the G-20 meeting to address global anxiety about its economy and financial markets. Worries about China’s economic slowdown and the volatility of its markets have weighed on investment decisions around the world.

But if we are remarking on “awkward”,…