China’s highly leveraged stock market has become a major worr

[pscot]

China’s top securities brokerages said on Saturday that they would collectively buy at least 120 billion yuan ($19.3 billion of shares in a bid to stabilize the country’s stock markets after a slump of nearly 30 percent since mid-June.

The pledge follows near-daily official policy moves over the past week, including an interest rate cut and a relaxation of margin lending rules, that have so far failed to arrest the sell-off, which some market watchers fear could turn into a full-blown crash.

The rout in China’s highly leveraged stock market has become a major worry for international investors, who fear a meltdown could further destabilize the global economy even as Greece risks crashing out of the European common currency

http://atimes.com/2015/07/china-brokerages-pledge-to-buy-19-3-billion-in-shares-to-steady-plunging-market/

[Warpy]

1. According to the BBC yesterday, it was down 1.6 trillion pounds

and that's trillion, with a "T," just short of 2.5 trillion dollars at today's exchange rate. The Chinese people they interviewed were fairly sanguine, "It was a bubble, it is bursting." It's the banks who are going to take the hit as they're once again stuck with bad paper based on a bubble market.

Whether or not it turns into a complete rout, taking down the other bubbles like the building bubble is anyone's guess.

It's hard to say what will finally bring down the financial structure we've all been suffering under, especially people who have been punished by the IMF for the sins of corrupt leaders and corrupt bankers.