As China’s stock markets gyrate, policy makers find themselves facing a Fed-style quandary with Chinese characteristics: how to exit.
China’s “National Team” of state institutions leading market rescue efforts since early July is reportedly scaling back support, leading the Shanghai Composite index 1.7 per cent lower on Tuesday. That followed an 8.5 per cent tumble on Monday, the second-biggest drop in its history.
Thus, just as the Federal Reserve seeks to avoid a “taper tantrum” in the bond market as it unwinds quantitative easing, Beijing — whose state-owned banks have provided more than $200bn of support — must calibrate a careful exit.
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