China’s 200 million-strong army of retail investors was supposed to help the market turn a corner. Instead, it has become a source of weakness.
The country’s $9.7 trillion stock market experienced a rapid boom and bust starting late September, when central bank stimulus pushed the benchmark CSI 300 Index 25% higher in five days of trading. Many small investors who came late to the party were caught out when equities then slumped, and were forced to beat a hasty retreat.
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