China’s Very Bad Week Is Over, But Crisis Rolls On

A God awful week for Chinese markets mercifully came to an end, but not before Hong Kong shares closed in a bear market. City shares fell a sixth consecutive session on Friday and are now down more than 20% from late January. The benchmark has now retraced around half of the surge from the post-Party congress lows. The Hang Seng fell more than 6% this week alone. That counted as the worst week since Xi's de facto coronation in October. For the month, Hong Kong shares are down almost 11%. M