Yawn. Markets have rallied this afternoon on the wondrous intervention of the Chinese Plunge Protection Team, according to Bloomberg:
- State funds are buying equities to stem the rout during the National People’s Congress.
- This follows last week’s warning of asset bubbles. Go figure.
US futures are up dutifully. But don’t get too excited. The truth is there is nothing China can do about the selling beyond a day or so.