China stock market is unplugged
Maybe there are just some things that cannot be controlled.
Despite massive government intervention, the Chinese stock market is collapsing in light of an overbought bubble.
China’s central bank stepped up state support for sinking stocks on Wednesday, as investors rushed to sell what they still could after a fresh wave of share suspensions that have now halted trading in half the market.
The renewed selling followed another round of share suspensions overnight, which have now halted trading in 1,476 stocks — or more than 50 per cent all listed companies on China’s two main exchanges. The suspensions have frozen $2.6tn worth of equity, according to Bloomberg calculations.