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  1. tastywheat

    China's Stock Market Crash

    I was going to post this to WOYM, but decided that it's probably significant enough to warrant its own thread. For those out of the loop, the Chinese stock market is teetering on the edge of an official crash, having lost just under 20% at the time of writing since last Friday. This comes after heavy handed intervention by the Communist Party, which has included devaluing the Yuan to entice exports, dropping interest rates on lending, and softening regulations around margin lending. While the situation is unique because of the domestic situation in China and the influence the Communist Party has on the finance sector, there are many parallels with the financial crisis of 2007. Because Australia's economy relies heavily on iron and coal exports to China, if the financial sector does collapse, it's going to have a significant effect on us. The fact that the Communist Party is manipulating the situation, means there's increasing fears that it could be much worse than what the current data indicates. Adding fuel to this speculation are reports that the police have conducted raids this morning on various media and financial institutions, including the Chinese equivalent of the SEC (CSRC), for 'spreading false rumours' and 'falsifying official documents': 新华网北京8月25日电 据记者从有关部门获悉:中信证券股份有限公司徐某等8人涉嫌违法从事证券交易活动,《财经》杂志社王某伙同他人涉嫌编造并制造传播证券、期货交易虚假信息,中国证监会工作人员刘某及离职人员欧阳某涉嫌内幕交易、伪造公文印章,上述人员已被公安机关要求协助调查。 Xinhua Beijing August 25 Xinhua reporter learned from relevant departments : CITIC Securities Co., Ltd. Xu 8 people suspected of illegal trading activities in securities , "Finance " magazine Wang , together with others suspected of fabricating and manufacturing spread securities and futures false information , China Securities Regulatory Commission staff separations Ouyang Liu and a suspected insider trading , falsification of official documents stamp , said staff have been asked to assist in the investigation public security organs. Source (expect it to be censored soon) This does not bode well.
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