China’s stock rout turned so extreme that state-backed funds intervened to calm the market on Tuesday, but authorities appeared to make it somewhat difficult to find out what happened on the mainland.
On Weibo, the Twitter-like platform with about half a billion active users, a search for Chinese equivalent of “stock market” generated no posts on its web version on Wednesday, suggesting the phrase had been censored. Users could still post using the term, and the mobile version showed some results if hashtags weren’t included. Searches for words that mean “plunge,” “A-shares” and “stocks” were successful in the morning.
The Chinese government’s limits on search results came during the annual session of the National People’s Congress, the biggest political event of the year. An article in the Shanghai Securities News, one of China’s most widely circulated financial dailies, said large insurers bought stocks on Tuesday. The report also denied recent “rumors” that insurers had made large-scale redemptions of stock funds, citing investment managers at companies in the sector. Read more…..
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