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https://www.zerohedge.com/markets/beijing-capitulates-chinese-stocks-soar-hong-kong-markets-jump-most-ever-after-china-vows
Beijing Capitulates: Chinese Stocks Soar, Hong Kong Markets Jump By Most Ever After China Vows To Prop Up Markets
Yesterday, we had a feeling that China would finally do something to arrest the collapse in its local stocks...
. not even we had any idea what would happen last then 48 hours later, because after a brutal year for Chinese stocks, on Wednesday long-suffering China bulls finally got their long-awaited payday.
The Wednesday session was looking like a tepid bounce off multi-year lows until the headlines started rolling from Beijing... that's when everything exploded.
In a brief statement carried by state media, China’s top financial policy body vowed to ensure stability in capital markets, support overseas stock listings, resolve risks around property developers and complete the crackdown on Big Tech "as soon as possible." In short, China vowed to make everything better again.
... and little did we know that just a few hours later we would see the biggest surge in Hong Kong stock history, coupled with a furious surge in China's CSI300.
Two days after we said that JPM's call that Chinese internet stock are uninvestable and that the bank's wholesale downgrade of Chinese tech would mark the bottom...
Yi Gang, governor of the People’s Bank of China, followed with a statement on the PBOC website, saying the central bank would help implement the policies, adding that he held a meeting Wednesday noon to study implementation of the State Council’s promises including keeping the capital market stable.
While the pledges from President Xi Jinping’s government offered little clarity over what authorities may do to achieve their goals, it was the first time China publicly addressed investors’ top concerns in one coordinated swoop.
Beijing Capitulates: Chinese Stocks Soar, Hong Kong Markets Jump By Most Ever After China Vows To Prop Up Markets
Yesterday, we had a feeling that China would finally do something to arrest the collapse in its local stocks...
. not even we had any idea what would happen last then 48 hours later, because after a brutal year for Chinese stocks, on Wednesday long-suffering China bulls finally got their long-awaited payday.
The Wednesday session was looking like a tepid bounce off multi-year lows until the headlines started rolling from Beijing... that's when everything exploded.
In a brief statement carried by state media, China’s top financial policy body vowed to ensure stability in capital markets, support overseas stock listings, resolve risks around property developers and complete the crackdown on Big Tech "as soon as possible." In short, China vowed to make everything better again.
... and little did we know that just a few hours later we would see the biggest surge in Hong Kong stock history, coupled with a furious surge in China's CSI300.
Two days after we said that JPM's call that Chinese internet stock are uninvestable and that the bank's wholesale downgrade of Chinese tech would mark the bottom...
Yi Gang, governor of the People’s Bank of China, followed with a statement on the PBOC website, saying the central bank would help implement the policies, adding that he held a meeting Wednesday noon to study implementation of the State Council’s promises including keeping the capital market stable.
While the pledges from President Xi Jinping’s government offered little clarity over what authorities may do to achieve their goals, it was the first time China publicly addressed investors’ top concerns in one coordinated swoop.
