Tweets and counter-tweets on China

Markets like abstract idea of a successfully reformed Chinese economy, but don’t seem to like actual process of getting there. [Link]

Counter-tweet:

I’m not seeing any reform. All policy prescriptions are anti-reform. That is what the market doesn’t like. [Link]

Another one:

China’s government is doing a great job of dispelling the stereotype that the Chinese are smart overachievers who know what they’re doing [Link]

From George Chen of SCMP:

BREAKING: China’s well-respected Caijing magazine confirmed 1 of its reporters was arrested by police for a stock market story denied by Gov [Link]

BREAKING: Chinese Police arrested managing director Xu Gang, ExCom member of China’s No.1 brokerage CITIC Securities [Link]

BREAKING: Chinese police arrested 8 people incl staff at top local i-bank CITIC and Chinese securities regulator CSRC due to insider trading [Link]

How ironic! Beijing wants to blame everybody for stock market crash – now adding “underground banks” on blame list after evil foreign forces [Link]

From Capital Economics – if you thought that this was the ‘ultimate’ excuse/justification, wait for the last one:

“PBOC didn’t devalue RMB. It made a technical change to reference rate mechanism. It was the market that devalued the RMB by overreacting.” [Link]

This is not a tweet:

PBOC researcher blames Fed for stock market rout [Link]

From Chris Balding:

Repeat with me: RRR cuts are feeding capital outflows. RRR cuts are feeding capital outflows [Link]

Re-tweets George Chen:

Communist Party mouthpiece People’s Daily today: “Underground banks” have helped capital escape from our stock market so we must crack down! [Link]

with this tweet

This has all the hallmarks of the very early stages of impending capital controls [Link]

The Gold Medal goes to Global Times

From George Chen (SCMP), this morning:

Chinese state media Global Times: China is the world’s largest democracy, NOT India, and we must be proud of the fact. [Link]

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