{"id":11406,"date":"2015-08-24T06:20:31","date_gmt":"2015-08-24T11:20:31","guid":{"rendered":"http:\/\/olduvai.ca\/?p=11406"},"modified":"2015-08-24T06:20:31","modified_gmt":"2015-08-24T11:20:31","slug":"black-monday-shanghai-composite-goes-red-for-the-year-wiping-out-60-in-gains-2000-stocks-limit-down","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=11406","title":{"rendered":"“Black Monday” – Shanghai Composite Goes Red For The Year, Wiping Out 60% In Gains, 2000 Stocks Limit Down"},"content":{"rendered":"
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\u00a0“Black Monday” – Shanghai Composite Goes Red For The Year, Wiping Out 60% In Gains, 2000 Stocks Limit Down<\/a><\/h3>\n
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\"\"<\/span>China Xinhua News<\/span>\u00a0<\/a><\/div>\n

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\u2714<\/b><\/span>@XHNews<\/span><\/a><\/p>\n<\/div>\n<\/div>\n

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Black Monday! #<\/span>ChinaStocks<\/span><\/a> join global panic selloff, dive 8.5%, worst since Asian financial crisis at midday<\/p>\n

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\"\"<\/span>George Chen<\/span>\u00a0<\/a><\/p>\n
\u2714<\/b><\/span>@george_chen<\/span><\/a><\/div>\n<\/div>\n<\/div>\n
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FACTS: By midday break, nearly 2000 stocks down 10% daily limit in Chinese market — only 13 stocks up; Shanghai benchmark index down 8.45%<\/p>\n

But… but…\u00a0pension funds are “allowed” to buy stocks<\/a>.<\/p>\n

Judging by the first few minutes of trading in the first thing to open this evening on the mainland, the CSI 300 Index Futures which immediately tumbled by 4% to 3340, China’s attempt to deflect attention from the fact that it did\u00a0not\u00a0<\/strong><\/em>do a 50-100 bps RRR cut is not doing too well.<\/p>\n

\"\"<\/a><\/p>\n

Some other indicative levels which are in line with the CSI:<\/p>\n