Tuesday, September 1, 2009

Prop up the house of cards at all costs.

Chinese shares plunge amid fears of default

Share prices in Shanghai slumped by 7 per cent yesterday amid fears that the “China effect”, which has helped to stoke growing global economic confidence in the past six months, is about to fizzle out. The stampede out of shares came amid reports that the authorities in Beijing may be planning to protect state-run companies from their trading mistakes by allowing certain companies to default on derivative contracts struck for oil, coal and other commodities.

Posted by flintster1994 @ 08:29 AM (542 views)
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