China’s Plunge Protection Team Props Up Markets
There is no real price discovery in large stock markets anymore. At least for the time being.
…shortly after China’s markets reopened on Tuesday (a little after 9pm ET), Bloomberg reported that state-backed funds – i.e., China’s Plunge Protection Team – had intervened to shore up the market in morning trading. The funds, known as China’s “national team,” had stepped in order to ensure stability during the National People’s Congress in Beijing, Bloomberg reported citing “according to people familiar with the matter” with a Hong Kong-based trader saying entities linked to mainland funds were actively buying shares through stock links with Hong Kong Tuesday morning.
This article was originally posted here: https://www.ac2news.com/2021/03/chinas-plunge-protection-team-props-up-markets/.