The Chinese government mostly has mostly given up on the stock market and the Shanghai Composite was down at one point 9 percent. The CNN commentator expert said that it is presently down about only 6 percent because Chinese pension funds are buying stocks and propping up prices. He said they are allowed to invest up to 30% of their pension funds in stocks and so have brought the losses back to 6 percent from 9 percent. The government, he says more or less has given up on the stock market and is instead trying to protect the general economy instead through the banks. The Cnn commentator was asked whether this was a correction or a crash and the expert called this a Slow Burn Market Crash for Both the Hang Seng as well as the Shanghai composite. Presently the hand seng is down 4.69% and the Shanghai is down 6.02%.
All this information as of 11:08 pm pacific time or 2:08 am Eastern time
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