Chinese officials have tried their best to quell skeptics over a looming China stock market crash…
But the G20 Summit last weekend left investors none the wiser about the specific measures China intends to take to bolster its economy – the second-largest in the world.
‘Investors feel disappointed over the lack of good news from the G20, while the yuan has started to weaken again,’ said Steve Wang, a chief Chinese economist at Reorient Financial MarketsLtd., according to Bloomberg on Sunday. ‘There are signs of panic buying in China’s property market as prices in large cities continue to rise. A hazy economic outlook prompted some people to sell shares and buy homes, while many stocks remain overvalued.’
Indeed, there are signs of panic in the Chinese market right now. Shanghai residents flocked to government property trading centers on Tuesday to process deals, reported the South China Morning Post that morning. Agents and sellers said that the higher prices go, the more urgent buyers become not to miss the rising tide.
This post was published at Wall Street Examiner by Stephanie Munguia ‘ March 4, 2016.