The world had an echo yesterday of the “Shanghai surprise” that sparked the first panic of the credit crisis.
On February 26 2007, the Shanghai Composite index, which had rallied for months, suddenly fell 268 points, or 8.8 per cent. A global sell-off ensued. As it turned out, the first Shanghai bubble kept inflating for six more months before popping in October 2007.
Yesterday, the Shanghai suddenly fell 265 points, or 7.6 per cent, at the worst point.
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