China is calling on support from its "National Team"
The Bloomberg report says that China has called on its state investors to prepare to stabilise the stock market, if needed, today. As it stands, it is unclear if state funds had already taken any action but the fact that the Shanghai Composite is still down by more than 5% after the break and is headed for its biggest plunge in seven months isn't a good sign:
It's not uncommon for there to be this form of market intervention in China, so watch out for that in afternoon trade as we move towards the close later. Bloomberg also notes that at least one big Chinese bank is seen offering the dollar against the yuan in order to limit the latter's depreciation today.
