President Xi Jinping's successful consolidation of power rattled markets. Tingshu Wang/Reuters
* China's President Xi Jinping has tightened his grip on power — and that has rocked markets.
* Investors dumped Chinese stocks in a $6 trillion blowout as Xi shut reformers out of decision making.
* These 4 charts show how deep the meltdown in China-linked assets went last week.
China's leader Xi Jinping has tightened his grip on power, shutting out reformers to effectively take sole charge of the world's second-largest economy — and that has rocked markets.
President Xi unveiled a new decision-making team stacked with like-minded political allies and publicly disrespected his business-friendly predecessor at the Communist Party congress last week.
Spooked investors dumped Chinese stocks in a $6 trillion blowout Monday, according to Bloomberg data. Meanwhile, the tightly-managed onshore yuan continued to lose ground to the dollar, having already dropped sharply this year.
Read more ....
WNU Editor: The expectation is for more stock market declines .... Rethinking China: Xi's Power Play Could Bring Down Stocks Even More (Barrons).
More News On China's Stock Market Declines
Xi's $6 Trillion Rout Shows China Markets Serve the Party First -- Bloomberg
China stocks reel after Xi tightens grip -- Nikkei Asia
China Stocks in Hong Kong Set for Lowest Since 2005 as Covid Zero Ramps Up -- Bloomberg
7 comments:
One small step on the road towards the decoupling of eastern manufacturing from western finance. The Chinese goal will be for many such events like this happening cyclically, each one reigned in so that it doesn’t get too out of hand, and each one reducing in weight until the annual western panics over this or that political issue are just a blip on the ticker.
Expect all of this sell off to be gobbled up by eastern investors flush with cash from the recent windfalls gained by recycling Russian hydrocarbons into more politically correct neutral-country blend.
Who couldn't see yet another term for Xi.. what's with the shock language
I could see another term, but I sure couldn't see this Power Play
I for one can't get enough of Xi's simpering glandular slack-jawed short-bus moon-face with a potato nose. It really is quite comic.
Proves the power of a positive attitude.
sorry idk what's got into me
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