|
Beijing calls for calm after historic tech stock rout
h/t Instapundit[CNN] - Chinese state media is urging investors to stay calm following a brutal stock market sell-off this week that has wiped out hundreds of billions of dollars in value. Chinese state-run newspaper Securities Times published a commentary Wednesday acknowledging the "changes in policy for certain industries" after a market rout on Monday and Tuesday that came as investors reacted to Beijing's widening crackdown on private enterprise. "Investors should have confidence in the market," it wrote. "A short-term shock does not change the nature of the long-term positive trend ... China's economy and markets are at an advantage in terms of its width and depth." Even so, Chinese tech stocks swung wildly Wednesday. Tencent (TCEHY) shares closed flat after news that the company's WeChat messaging platform would temporarily suspend all new user registrations to comply with regulations relating to an upgrade of its security systems. It had earlier fallen as much as 6.4%, before paring most of those losses. Posted by: g(r)omgoru 2021-07-29 |
| http://www.rantburg.com/poparticle.php?ID=608426 |