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Stock Market Misadventures, Chinese-Style
Chinese officials have been doing some pretty interesting things over the past couple of weeks to stave off a stock price collapse. They’ve cracked down on short sellers, encouraged pension funds to put more money in stocks, suspended initial public offerings and dramatically eased borrowing requirements. Chinese speculators can now put up their houses as collateral to buy more shares, as my Bloomberg View colleague William Pesek pointed out earlier today. Meanwhile, Chinese brokerage firms have joined together, in an effort eerily reminiscent of attempts to stabilize the U.S. stock market in October 1929, to pump ... (full story)
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