The Shanghai Composite is adding to last Friday’s -5.2% debacle after further fears of inflation and government intervention roiled the markets. Shanghai stocks lost -4% with heavy losses in the banking sector and commodities. The Shanghai Composite is now down -7.7% in the last week and -11.7% ytd.
Via Trade The News:
– (CH) Former PBoC advisor Fan Gang: China inflation is being imported; China policy makers will take action on inflation, policy makers are mulling more steps to cool prices and they can use interest rates or quantitative measures
– (CH) China top planning agency National Development and Reform Commission (NDRC) to introduce price limits and subsidies for shoppers to help curb food inflation pressure – China Securities Journal
– (CH) PBoC Gov Zhou: China will push forward with interest rate reforms; Economy moving in line with govt expectations