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How a Mysterious China Screenshot Spurred $450 Billion Rally

  • Unverified post claimed top officials mulling reopening plan
  • Investors are desperate for signs Covid Zero policy will ease
Bloomberg business news
WATCH: China’s top health body said the nation’s zero-tolerance approach remains the overall strategy to fighting Covid-19 after unverified social media posts buoyed hopes the policy would be eased. John Liu reports.Source: Bloomberg
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Nobody is quite sure who wrote it, when it was written or if it’s even true. But a screenshot of four paragraphs detailing a China reopening plan was enough for traders to scoop up stocks for two days running.

The unverified post, which contained black characters on a white background with no identifying marks, first began circulating on Monday night in WeChat social messaging groups filled with analysts and fund managers, according to accounts by a dozen investors who asked not to be identified. By the next morning, it was spreading like wildfire.