Rumors send China markets on a wild ride |
| International Herald Tribune - Jun 5, 2007 |
The Chinese government is learning the dangers of intervening in stock markets, as government policy shifts and even rumors of policy shifts have produced sharp swings in share prices on the Shanghai and Shenzhen stock markets over the past week.
Chinese shares plunged another 7 percent Tuesday morning, continuing a steep descent that began last Wednesday when the government tripled taxes on share transactions to halt three months' worth of steep stock market gains.
But the panic selling abruptly gave way to frenzied buying early Tuesday afternoon, as rumors circulated that the government might defer the introduction of a capital gains tax for up to three years. State-controlled newspapers also reported that the government had authorized four large funds to raise money for the purchase of stocks.
Read Full Article from International Herald Tribune
- Posted: 2007-06-05 10:22:07
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