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Today Shanghai Composite, China's benchmark stock index sank like stone, making the move second largest since 2000.
Today Shanghai composite dropped by 8.48% to 3725 in closing. It was down as much as 8.6% at low.
Very few stocks were spared today. Blue chips, including Sinopec, China Life Insurance, Bank of Communications were down by 10 per cent, the daily trading limit.
The sell offs clearly shows, how fragile Chinese stock market is without government support. Government and regulators have suspended stocks, loosened margin financing, came out with large ($480 billion) fund to intervene in the market, banned short selling, banned liquidation by large stock holders and many more.
Today's move showed all rests in vain, in front of a raging bear.
They though succeeded in one thing, increasing the risks if stocks tumble by bringing in state financed money to stem the crash. Some of the state largest banks funded securities Finance Corporation (SFC), a government entity that finance margin lending.
One thing can be said for certain further easing is likely from Peoples Bank of China (PBOC).
Today's move seriously dented investors' confidence as it seems that Chinese authorities may not be in a position to shore up stock market.
IMF, which is to review Yuan this year to decide whether or not to grant it a position in IMF's SDR basket warned Beijing against intervention and asked to rely more on market forces.
