From JCap’s Anne Stevenson-Yang via FTalphaville on the sudden Chinese stock market bubble:
This is simply hydraulics: market consensus is now that property values will not rise, and so property is now attracting only high-risk capital for rollovers. Yields on money market funds and WMPs are falling. So there are few attractive investments around, and yet the government is pumping cash into market. The broad money supply (M2) has risen by more than 13% year to date, and the channels into which that money can flow are very limited.