China’s policy makers are coming up with new tactics almost every day to stem a rout that’s wiped $3.2 trillion off the world’s second-biggest stock market.
Saturday June 27: *PBOC CUT: After the Shanghai Composite Index posted a 19 percent, two-week plunge, the central bank cut its benchmark lending rate and deposit rate, while also reducing required reserve ratios for some lenders
Monday June 29: Shanghai Composite rises 2.3 percent at the open before reversing course and plunging as much as 7.6 percent. Closes 3.3 percent lower.
* CSRC JAWBONING: China’s securities regulator says margin trading at brokerages is “controllable” and deposits in margin accounts are“nowhere near” dangerous levels. China Securities Regulatory Commission spokesman also urges investors to be rational and not to believe “shorting China rumors”
