China’s Parallel Universe Fades – Geoff Dyer

From The Financial Times:

There have been many casualties in the past few days of stunning share declines and one of those could be the idea that the Chinese operates in its own parallel universe.

Mainland shares had attracted a huge amount of overseas interest in recent months, not just because of the two-year surge in share prices but also because some hoped China’s relatively closed capital market could act as a hedge against more inter-linked global markets. When New York, London or went in one direction, often seemed to go the other way.Yet not only has this week’s panic selling raised fears that China’s bull run is well and truly over, the Shanghai market has also been moving in lock-step with Hong Kong and other international bourses. [Full Text]

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