Of the many verdicts on Beijing’s efforts to prop up Chinese equities, the accusation of bungling was among the kinder ones. Most commentators have been highly critical of the regulators’ moves to manipulate the market, even to the point of suggesting that the authorities have suffered a serious loss of credibility.
It is hard to deny that the way policymakers went about their business had a very hit-or-miss quality. But I also
feel that the attempt to put a floor under the market is
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