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China: Market Is Down, but Good Inflation News

Posted on June 10, 2008

On my Sunday blog entry, after Saturday evening s surprise hike in the minimum reserve requirements, I said I expected the market to drop this week, but I had no idea that it would drop as much as it did. The SSE Composite closed Friday at 3300 (yesterday was a holiday). Tuesday, in the first 30 minutes of trading, the market plunged 159 points (4.8%), and then spent the rest of the day giving up another 99 points to close at 3072, or 7.7% down for the day. Banks, securities firms, real estate companies and auto manufacturers all institutions that are likely to be hurt by lending c...

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china , sse