China was supposed to be overtaking the U.S. economy about this time, or so went the conventional wisdom some time ago.
Looks like once the Chinese state loosens controls on yuan, the economy's not such a tight ship after all.
At NYT, "China Halts Trading After Market Tumbles More Than 7 Percent":
HONG KONG — Trading on China’s stock market was halted on Thursday for the second time this week, as stocks plummeted in Asia, and later in Europe, over concerns about the country’s currency and the health of the economy.Heh.
The markets in China closed after only 29 minutes and did not reopen, with the main index in Shanghai down 7.3 percent. Other Asian markets slumped as well.
“Obviously it doesn’t look good, it doesn’t look good at all,” said Hao Hong, the chief market strategist at Bank of Communications International, the overseas arm of a big Chinese bank.
It has been a rocky start to the new year in global markets, with worries over China shaking the confidence of investors around the world and creating volatility in the markets. The big fear is that China’s economy is slowing down, crimping global growth.
A downbeat Chinese manufacturing report first sent stocks spiraling on Monday, prompting the country’s market to close early. It also set off a global rout, with stocks in Europe and the United States getting hit.
Since then, investors have been unnerved...
You think?
Still more.
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