Asian tumbled Wednesday as investors digested news of a collapse in oil prices. The sell-off came a day after China released fourth-quarter GDP figures showing decelerating growth and sparking fresh concerns about the health of its economy.

Hong Kong’s Hang Seng index tanked 3.8 percent while Tokyo’s Nikkei 225 slumped 3.7 percent and Shanghai’s particularly volatile SSE Composite Index lost 1 percent.

The People’s Bank of China (PBOC) said Tuesday it will inject more than 600 billion yuan, (or over $91 billion at current exchange) in its country’s financial system to loosen liquidity ahead of the Chinese New Year holiday.

Market watchers are keen to see if the Chinese travel boom will continue over the holiday period as concerns about income levels persist.

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