After spending about $200bn buying shares to prop up falling equity prices over the past seven weeks, Beijing capitulated to market forces yesterday by choosing not to intervene as the benchmark Shanghai Composite index fell
8.5 per cent.
The fall was the worst since February 2007. But unlike on most other days since the government launched an unprecedented effort to reverse plunging equities last month, the “national team” of state-owned stock buyers did not jump in to support the market.
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