After dropping 19% over the last two weeks, Chinese official securities newspapers, today published bullish comments on the market. The Shanghai Securities News said that funds are there is an estimated 60 Bln Yuan to be pumped into the market before October. The China Securities Journal reported that China’s recovering economy and its continual loose monetary policy indicated its stockmarket had only a small chance of a melt down.
Having said that the Shanghai index has not been able to make any further gains from its opening, currently up 6 points. The FX market will be watching closely to see if the Chinese stockmarkt holds up today.
