from Gold Core:
China’s stock markets continued their decline overnight with the Shanghai SE Composite falling another 4.64% and down of 32% since June 12. Markets have begun seizing up as sellers overwhelm the system.
The Chinese regulator, the China Securities Regulatory Commission, has described market participants as being “irrationally” driven by “panic sentiment” despite there having been no rational basis for the run up in Chinese markets before they peaked last month.
Indeed, in these past two weeks the government itself has taken a series of panic measures to prop up the system but, thus far, to no avail. These measure include cuts in reserve requirements, and a rate cut to boost lending for the purpose of further speculation, easing regulations on margin financing, reduction on transaction fees and providing liquidity to brokerage firms to prop up shares. Which is more or less what western agencies have done to prop up their markets. They have even directed state companies to not sell public companies stock that they might own.
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