ANOTHER DESPERATE MOVE... AND IT WON'T WORK...
China's main share brokerages have agreed to spend 120 billion yuan ($19.3bn, £12bn) to prop up the ailing stock market.
The main Shanghai Composite index has fallen 30% since the middle of June, nullifying most of this year's gains.
The authorities are worried about the possible economic effects and have already tried preventative measures.
Twenty-one brokerages agreed the move at a meeting in Beijing on Saturday, Xinhua news agency said.
The brokerages "will jointly invest 15% of net assets as of the end of June, or no less than 120bn yuan, in blue chip exchange traded funds", the Securities Association of China said in a statement.
THE CHINA STOCK MARKET CRASH AND THE GREECE EU CRISIS ARW TOGETHER ALMOST ENOUGH TO TRIGGER A GLOBAL CRASH...
JUST ONE MORE NEGATIVE INPUT SHOULD DO IT....
UPDATE UPDATE UPDATE :
EVERY STOCK MARKET IN ASIA IS DOWN EXCEPT SHANGHAI WHICH IS UP 2 PERCENT.
THIS PROVES JUST HOW POWERFUL AND MANIPULATIVE THE BROKERAGES REALLY ARE, AND THAT THE MARKETS ARE EASILY RIGGED, THOUGH NOT FOR LONG.
WHAT CANNOT GO ON FOREVER WON'T. AND THE BROKERS AND THE BANKS CANT PROP UP MARKETS FOREVER...
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