The number of stock market investors in China has surpassed the number of Communist Party members, we found out today. 90 million traders to 88 million cadres.
Stock market fever has grippeded the country. On the streets of Beijing and countless other cities you can overhear the chatter of men and women talking about the market’s gyrations and their recent gains (or losses).
Chinese stocks have whipsawed since Monday, following interest rate cuts over the weekend that the government hoped would reverse the tide after stocks crashed 20% the previous two weeks. Today the Shanghai composite declined by 5.2%.