Economics
Irrational Exuberance Bred Chaos as China Watchdog Sidelined
China Still in Bubble Territory Despite Drop: Foley
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It wasn’t exactly the same as U.S.-style “irrational exuberance,” but the run-up to China’s great crash of 2015 is leading to similar questions as to why the regulator didn’t do more.
China Securities Regulatory Commission officials had tweaked rules for brokerages’ lending for stock purchases. And, similar to former U.S. Federal Reserve Chairman Alan Greenspan, CSRC Chairman Xiao Gang had warned investors against following the stampede into the market “blindly, like sheep.”