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]
