Central Huijin, the domestic arm of China’s sovereign wealth fund, will purchase shares in Agricultural Bank of China, Bank of China, China Construction Bank and Industrial and Commercial Bank of China , the official Xinhua news agency announced on Monday. Xinhua added that the purchases by Huijin – its first such public intervention since a similar decision at the onset of the financial crisis three years ago – would “support the healthy operations and development of key state-owned financial institutions and stabilise the share prices of state-owned commercial banks”.The announcement came too late for the Chinese stock market, which had closed at a 30-month low...IT'S GONNA GET REAL UGLY REAL SOON. LIKE 3-6 WEEKS.
IF THE USA SUPER-COMMITTEE AND THE EU AND CHINA ALL FAIL AT THE SAME TIME.... IT'S GONNA MAKE THE GREAT DEPRESSION SEEM LIKE A PICNIC.
AND CONTRARY TO THE LOVELY PR. THE EU IS NOT CLOSE TO A REAL DEAL.
STAY TUNED....
UPDATE:
TEN MINUTES LATER, TIME MAGAZINE AND HOT AIR AGREE.
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