China "Bazooka"
Half the gains since China's bazooka wiped out in an hour as authorities disappoint markets; Hong Kong stocks plunge more than 6%.
The rally in Chinese markets lost steam on Tuesday after a briefing from the country’s National Development and Reform Commission provided few details on further stimulus.
While mainland China’s CSI 300 skyrocketed over 10% at the open Tuesday in its return from the Golden Week holiday, the index pared gains to a 5% rise later in the session.Hong Kong’s Hang Seng index briefly plummeted over 10%, before recovering slightly to a smaller loss of 6.4%.
Zheng Shanjie, chairman of China’s National Development and Reform Commission, on Tuesday pledged a raft of actions to bolster the country’s economy during a highly-anticipated press conference. But he stopped short of announcing any new major stimulus plans, underwhelming investors and weakening the rally in the mainland Chinese markets.China will speed up special purpose bond issuance to local governments to support regional economic growth, the senior NDRC official said.
Zheng said ultra-long special sovereign bonds, totaling 1 trillion yuan, have been fully deployed to fund local projects, and he vowed that China will continue to issue ultra-long special treasury bonds next year.The central government will release a 100 billion yuan investment plan for next year by the end of this month, ahead of schedule, a senior official added.Zheng also promised that more measures are coming that aims to support the property market and boost domestic spending.
The rally in Chinese markets lost steam on Tuesday after a briefing from the country’s National Development and Reform Commission provided few details on further stimulus.
While mainland China’s CSI 300 skyrocketed over 10% at the open Tuesday in its return from the Golden Week holiday, the index pared gains to a 5% rise later in the session.Hong Kong’s Hang Seng index briefly plummeted over 10%, before recovering slightly to a smaller loss of 6.4%.
Zheng Shanjie, chairman of China’s National Development and Reform Commission, on Tuesday pledged a raft of actions to bolster the country’s economy during a highly-anticipated press conference. But he stopped short of announcing any new major stimulus plans, underwhelming investors and weakening the rally in the mainland Chinese markets.China will speed up special purpose bond issuance to local governments to support regional economic growth, the senior NDRC official said.
Zheng said ultra-long special sovereign bonds, totaling 1 trillion yuan, have been fully deployed to fund local projects, and he vowed that China will continue to issue ultra-long special treasury bonds next year.The central government will release a 100 billion yuan investment plan for next year by the end of this month, ahead of schedule, a senior official added.Zheng also promised that more measures are coming that aims to support the property market and boost domestic spending.
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OK 哥 : You see all of these are usa companies being shorted, otherwise why would they drop so sharply.
Jensen Philanthropy : After horse canon, yeah
Red Guppy OK 哥 : They are anti China.![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
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股海踏浪 Red Guppy : Is it anti-China in US dollars or anti-China in RMB? Everyone is here to make money for a purpose, understand.
104842512 : Speculators go short to unwind their positions.
Xinghua Liang : I listened to a few officials talk about 2 trillion dollar stimulus on the way. Then add gradually more. But eventually will drop. man made bull market can’t last forever. So just trade. Not invest.
101782047 Xinghua Liang : Whatever … one way direction. Up till year end n new year till CNY