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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: John Hunt who wrote (36385)	7/3/1999 6:42:00 AM
From: John Hunt	Read Replies (1) \| Respond to of 116915

Chinese Stock Market Offers Window into Beijing Power Shift << Reports on July 1 indicated that the Chinese Securities Regulatory Commission and the Securities Supervision Office notified major brokerages and fund management institutions in China to cease buying on the stock market in order to slow a six-week rally. The reported intervention sent the Shanghai composite index down 8.24 percent. One day earlier, rumors had emerged that Chinese Prime Minister Zhu Rongji was resigning over his failure to attain Chinese accession to the World Trade Organization (WTO), which resulted in a 2.99 percent drop in the Shanghai composite index. The government intervention in the Chinese markets, coupled with the reports of Zhu?s resignation ? which were then denied ? signals the extent of the growing split between the economic reformers and the political party apparatus within the Chinese government. >> << As Stratfor outlined on June 30, Zhu initiated a process by which Chinese institutions, many of which are state-run, were to increase buying within the Chinese markets to give the appearance of an economic boom. The hope was that this would convince Western investors that the Chinese economy was not only solid, but growing, thereby enticing them to further increase investments. >> stratfor.com Fun and games in Chinese markets.