China Struggles to Suppress Bubbles in Markets Awash With Money
- Beijing is targeting froth in metals, property and crypto
- Hot money flows from overseas risk inflating prices further
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China’s battle to maintain order in financial markets is getting tougher as money floods into everything from commodities to housing and stocks.
In May alone, the government vowed to tackle speculation in metals, revived the idea of a property tax, oversaw hikes in mortgage rates in some cities, banned the mining of cryptocurrencies and played down calls within the central bank for a stronger yuan.