All hail non-intervention of Chinese share markets!

by Chris Becker

Or not? The Shanghai Composite is down 2.6% at the open – maybe time to arrest some more reporters?

From ZH:

If Chinese authorities are to be believed, we finally know the cause of the country’s stock market woes: a single reporter. In a video segment aired by China’s state television broadcaster, journalist Wang Xiaolu confessed to fabricating a “sensationalized” story about the stock market and claimed responsibility for having “caused panic and disorder” among China’s investors.

At issue is a story Wang wrote for Caijing on July 20, in which he reported that China Securities Regulatory Commission was looking to end interventions designed to prop up share prices.CSRC denied the report, which was removed from Caijing’s website last week. CSRC blamed Wang’s piece for a massive drop in the stock market in late July, which sparked market woes that continue today.

The ASX200 is falling over just before lunch, now down almost 1% in line with Chinese shares. Should we be looking over our shoulders here at MB too? Or can we just blame the Pascometer again?

Comments

    • Mining BoganMEMBER

      I reckon they’re like road workers. Get in, put the signs up, have a coffee, dig a hole, discuss the badminton, take a three hour lunch, then get busy for the peak hour rush.

    • Josh MoorreesMEMBER

      looks like they are scrapping the late afternoon intervention today, already into it and it’s not even lunch time there.

      • Well, we do want everyone happy for the WWII Victory celebrations. Unhappy crowds gathering at mass events do not usually end well in China.

  1. Things must be getting really bad when they can’t agree on finding a few token senior communist party officials to throw under the bus.

    • MB could launch some ETFs

      MBC – MB Bank catastrophe short
      MNA – MB Non Aussie dollar investments
      MRS – MB Rent Seekers momentum

      I’m sure there’s other opportunities too

  2. Expect the Australian Border Force to knock on MB’s door. UE CB and HnH (wherever he is now) off to a public show trial for being doomsayers for years.