China has had a very rough 2023, in markets and in the real economy. But, last week was a particularly brutal week for China’s markets, as the Hang Seng Index closed the week in bear market territory, and the yuan edged ever closer to its treacherous 15-year lows - all of which had spilled over to broader global markets.
Weston Nakamura gives a comprehensive overview of what happened in China through the week of utmost consequence to global markets, which he calls "China's Turmoil Week," including the strongest yuan fixings on record, Country Garden Holdings Group’s bond defaults, Zhongzhi Enterprise Group and the $3 trillion Chinese shadow banking industry contagion risk, and China’s policymakers daily policy proposals in attempt to support markets (to no avail), and much more.
This is not only a way to catch up on a critical and consequential week of non-stop headlines and developments, but this is the ongoing state of affairs in China that had been dragging global equity markets down since the start of August, and therefore is relevant to all investors everywhere.
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Disclaimer: Nothing discussed on Market Depth should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.
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