V-Bottom Mania

As it turned out, Chinese state media were correct to predict equities would rebound "quickly" following this week's egregious rout catalyzed by the escalation of Beijing's regulatory blitz. Shares surged Thursday both on the mainland and in Hong Kong, in keeping with Securities Daily's contention that stocks would "gradually regain lost ground on Wednesday or some time afterward." Who knows whether the vaunted "National Team" was at work, but the PBoC did add liquidity, pushing O/N rates down

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