Via FastFT (gated) ...

  • No signs of support from the People's Bank of China on the weekend
  • Equity market is close to free-fall at the start of trading
  • Shanghai Composite fell 5.7% in the first 10 minutes,
  • Lowest intraday level since February
  • Shenzhen Composite fell 6.25, lowest since July 9

The last time Chinese stocks were in this sort of multi-week free-fall was early July, when the authorities took unprecedented measures to shore up support for the market

I bolded that last bit myself. I reckon the PBOC might have its hand forced for a rate cut. Or, I'm wrong. The PBOC is not easy to read.

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I'm a fan of Tom Petty ... but this is pretty good:


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The 2015 (ytd) roller coaster for the Shanghai Composite: