![]() ![]() On Twitter, Facebook, Google News, and Instagram.When the news broke last week about the price Facebook paid for WhatsApp, Tencent’s (the owner of WeChat) stock price in China and Naver’s (the owner of Line) stock price in Korea dropped. “I would advise the international investors to find out what's really going on in China and what's the real intention of our government by themselves.”įollow HT Tech for the latest tech news and reviews, also keep up with us “A lot of media reports, let me put it this way, they really don't understand China very well and they have a short-term focus,” Fang Xinghai, a vice chairman of the China Securities Regulatory Commission, said in prerecorded remarks to Hong Kong's banking summit on Wednesday. When contacted by Bloomberg News, all three analysts said they weren't aware of any information about Covid policy.Įven as China's government offers little transparency and severely restricts press freedom, officials said investors shouldn't read too much into international media reports on the world's second-largest economy. saying that virus controls would be loosened. The other screenshot cited three analysts from Tianfeng Securities Co. The brokerage said the screenshot wasn't true in an emailed reply to Bloomberg News. saying a meeting would be held Friday to ease quarantine requirements and remove circuit breakers for flights, among other measures. ![]() One screenshot showed Haitong Securities Co. The user declined to comment further in a message to Bloomberg News. Twitter user Shanghai Macro Strategist, who claims to be a China strategist and has more than 14,000 followers, posted screenshots purporting to be from two Chinese brokerages reporting upcoming changes to China's Covid policies. On Wednesday, more rumors were afoot as the rally continued. A spokesperson for China's Foreign Ministry said they weren't aware of the rumor during a regular press conference on Tuesday, and questions on the subject were scrubbed from the briefing's official transcript. That means big policy shifts can often leak out in unusual ways, even if they aren't immediately verifiable.Ĭhina has officially stayed mum on the rumors, with state media ignoring them the past two days. The episode is an illustration of how difficult it is to obtain accurate information in the world's second-biggest economy, where internal government deliberations and leadership changes are closely guarded secrets. That is why most of us think that after the Twin Sessions in March is a good time to reopen.” “It has to be through careful study and communication. “Reopening is not a decision that can be made overnight,” said Hong, a partner and chief economist at hedge fund Grow Investment Group. And now that Xi has put his allies in key positions, hope is building for steps to boost the economy at the next annual session of China's legislature in March. Equities saw a historic rout last week after Xi consolidated power in a twice-a-decade personnel reshuffle, and the yuan weakened to a 14-year low.Ĭovid lockdowns, weak consumption and an ailing housing sector have all clouded the investment outlook in China. Investors have been looking for reasons to scoop up Chinese stocks, which are among the worst performers in the world this year as the economy grows near the slowest pace in four decades. ![]() More gains on Wednesday brought the two-day total to $450 billion. Less than 20 minutes later, prominent Hong Kong-based economist Hong Hao tweeted something similar - and stocks in the MSCI China Index were well on their way to a $320 billion rally. by “96 Old Stock Trader” on Xueqiu, a Chinese-language financial platform. The post gained more traction when it was shared at 11:26 a.m. Representatives at the meeting, which included members of the economic and propaganda departments, discussed “speeding up a conditional opening plan, with the goal of substantially opening by March next year,” it said.
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