From Fairfax on the Shanghai crash:
“This is a stock disaster. If it’s not, what is it?” said Fu Xuejun, strategist at Huarong Securities Co. “The government must rescue the market, not with empty words, but with real silver and gold,” he said, saying a full-blown market crash would endanger the banking system, hit consumption and trigger social instability.
Comments from the central bank and Premier Li Keqiang on Thursday did little to calm panicky investors. The central bank vowed to guard against systemic financial risks, while Premier Li called for a stable and healthy capital market.
