China stocks bounce back as intervention restores stability
Chinese shares bounced back more than 3 percent Wednesday, as Beijing’s latest efforts to prop up values restored a measure of stability to its unruly stock market.
After a dramatic plunge of more than 8 percent in Chinese stocks Monday, China’s securities regulator announced probes into share “dumping” and pledged to buy stocks to calm the market, while the central bank hinted at more policy easing.
That followed moves in recent weeks in which the authorities temporarily banned shareholders with large stakes from exiting their positions and issued a string of warnings against short-selling, or betting on falls in its domestic “A-share” market. Read More