• The Shanghai Composite Index has fallen more than 5% and was on track for its biggest drop since the pandemic crash in February 2020. Hong Kong’s rebound was quickly crushed. Metals and other commodities fell along with Chinese trusted currencies such as the Australian dollar. “Please be more patient,” HSBC economist Jing Liu wrote in a note, noting that we have yet to hear from the State Council or the Finance Ministry on specific stimulus measures. But it is clear that the opportunity to calm markets has been missed, and the rally is unlikely to be sustainable until the...
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