China Market Update: Premier Li Gets Forceful As Market Stabilization Fund Proposed [Forbes]
CHINA MRCHNTS BK UNSP/ADR (CIHKY)
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Source: Forbes
Hong Kong and Mainland China had a strong move starting mid-morning following Bloomberg's report that an RMB 2 trillion ($278B) market stabilization fund will be formed “according to people familiar with the matter”. Yesterday, the State Council's post-meeting statement included Premier Li advocating for more “forceful” measures to be implemented to “stabilize the market”. The reported plan would utilize overseas profits from state-owned enterprises (SOEs) to buy Mainland China-listed stocks via Northbound Connect, thus requiring a conversion from US dollars to CNY. CNY rebounded versus the US dollar to 7.17 CNY per USD from yesterday's 7.19, though the Asia dollar index was up. Unlike the US, neither Mainland China nor Hong Kong have circuit breakers. Thus, both markets are stuck in a negative feedback loop of forced selling, creating more forced selling against the absence of buyers. In the summer of 2015, during the Mainland market's margin-driven equity bubble burst, margin cal
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