“This Seems Like Intervention”: Sudden Yuan Surge, Afternoon Stock Rally Show China Hard At Work

“This Seems Like Intervention”: Sudden Yuan Surge, Afternoon Stock Rally Show China Hard At Work

Last week, we noted that China is still manipulating their stock market. Steven Leung, executive director at UOB Kay Hian (Hong Kong) Ltd., had a simple explanation for why the authorities in Beijing insist on pushing stocks into the green in late afternoon trading. To wit: The authorities don’t want to see a very low close. See there? Doesn't get much more straightforward than that. Of course last week, we saw Beijing step in to ensure a green close on MSCI inclusion day (because it would b
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