Chinese investors are not about to be fooled twice. It will take more than $30m and a blast of official cheerleading for the government to turn round the battered stock market.
When Central Huijin, the domestic investment arm of China’s sovereign wealth fund, said on Monday it would buy shares in the biggest state-owned banks to restore confidence in them, it felt like a replay of 2008. But the reaction of investors could scarcely have been more different.
Three years ago, with stocks reeling after the Lehman Brothers collapse, a near-identical announcement by Huijin sparked an 18 per cent two-day rally in the Shanghai market.
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