This is a message worth $450 billion

This is a message worth $450 billion.

It's a screenshot that began circulating on WeChat yesterday and then Twitter and claims that China’s top politburo official Wang Huning will lead a plan to reopen in March.

It's unverified, unsourced and nothing more than words on a white background.

The Chinese stock market Stock Market A stock or equity market is defined as the aggregation of buyers and sellers of stocks, which reflect ownership claims on businesses.These may also include securities listed on a public stock exchange, as well as stock that is only traded privately. Common examples of this include shares of private companies that are sold to investors through equity crowdfunding platforms.Unlike the past, the stock market has grown to include a more mature retail market, though nearly all investment is still don A stock or equity market is defined as the aggregation of buyers and sellers of stocks, which reflect ownership claims on businesses.These may also include securities listed on a public stock exchange, as well as stock that is only traded privately. Common examples of this include shares of private companies that are sold to investors through equity crowdfunding platforms.Unlike the past, the stock market has grown to include a more mature retail market, though nearly all investment is still don Read this Term has gained at least $450 billion since they began circulating.

Are they true? No one knows but they're a beautifully-crafted rumor with enough plausibility and detail to get market participants to buy into something that everyone eventually expects to happen anyway.

The Chinese foreign ministry yesterday said it was "not aware" of any plans but that wasn't the strongest denial. They followed that up with a statement saying that China is committed to covid zero but that's also doesn't debunk the idea that there will be a shift in the future.

Ultimately, I still think it's an untradeable rumor but it is a demonstration of what will happen when China reopens. It's also another good example of how important rumors are in today's markets and how they are formed and spread with technology.

Bloomberg has more on the rumors from China.

/CNH