Ping!
Enjoy our low interest rates while they last.
A lot of China’s growth the past years was heavily based on manipulating its currency with an artificial fixed peg to the US dollar. They believed they would be able to orchestrate a never ending and increasing trade balance with Europe and the US, but it was juiced by artificial methods that cannot be sustained longterm.
Only problem was a little word called inflation.
If China didn't keep blowing up, caving in, or setting on fire its mines, and killing its miners, they might not have a coal shortage.
Maybe Nancy will give them some relief by letting them dig the coal she won't let Americans dig.
Might be related to the drop in petroleum price.
People need to figure out that the U.S. economy GROWS at the rate of INDIA every year!! Low-cost labor only gets you so far, as the Chinese have now found because they have to export manufacturing "off shore" to Vietnam. Sooner or later, you have to invent and create wealth.
The Shanghai Composite Index ended down 5.34 percent at 2,319.868 points, only marginally off its intra-day low of 2,318.926. It is down 14.95 percent over the past seven trading days, and down 62 percent from last October's record peak.
Hmmm, a completed 61.8% Fibonacci retracement? There may be a bit of overshoot, but a bounce up is probably in the offing. If so, I hope that bouncing cat ain't dead...
China stocks slide 5.3 pct to new 20-month low (62% down from the peak)
Wow. Now THAT’S a bear market.