“It's quite positive for the market and will help attract fresh capital into equities.” –Wu Kan, fund manager
You know you're FUCKED when the commies are capitalists and the capitalists are commies.
China Allows Short Sales, Margin Loans to Help Market (Update2): “China's cabinet agreed to let investors buy shares on credit and sell borrowed stock to help develop Asia's second-largest market after prices and trading volumes slumped, an official familiar with the plan said.
The State Council signed off on a China Securities Regulatory Commission plan submitted this month to allow margin lending and short selling, said the official, who declined to be identified as he isn't authorized to speak on the issue.
China's action contrasts with regulators in the U.S., Europe and Australia that have banned short selling in the past week to shore up financial shares battered by the global credit squeeze. China's government is betting the changes will boost trading without spurring further declines after state share buybacks helped the CSI 300 Index rebound from a two-year low.”
In other news, China’s first space walk is planned for Saturday: China Astronauts Braced for Walk.
The torch has been passed.