90,000 New Retail Brokerage Accounts Being Opened Every Day In China

"Rogers was only one of many factors behind the market losses. After all, the market has risen too much, so it is always easy to find an excuse to sell," said a fund manager for a domestic insurance company.

The benchmark Shanghai stock index was down 3 percent at midday on Friday, led by ICBC, which dropped more than 4 percent and was the morning's second most actively traded stock.

The benchmark Composite Index on the Shanghai Stock Exchange closed at 2,882.56 points on Friday, up 25.20 points from the previous close.

The index fell 4 percent on Thursday amid fears that China may raise interest rates to cap inflation.

http://www.chinadaily.com.cn/china/2007-01/26/content_794112.htm
 
As quoted in the NYT:


Chinese banks have, in the past, earned a reputation for not being completely open about how many bad loans were on their books. And there have been some cases of corruption.

At a panel on regulation at the World Economic Forum here in Davos, Liu Mingkang, the chairman of the China Banking Regulatory Commission, was asked if he was confident that he had accurate figures on the financial health of the institutions he regulates. He did not exactly say yes or no.

“I’m not,” he explained, “a good guy with figures.” – Floyd Norris
 
I think you may have read it wrong...its says 30k....and that it was a triple form the previous amount of 6k accounts.....then again, 30k is a lot of accounts!!


During the past three days, the number of new accounts opened daily on China's stock markets all exceeded 30,000, more than tripled from the beginning of this year.
In the first two months of this year, China's stock markets sawan average of about 6,000 A-share (Renminbi-denominated) accounts registered daily, only one fifth of the current level, according to figures from the China Securities Depository and Clearing Corporation.
 
Quote from laputa:

Is there a way we can trade the Shang Hai Index? I think they don't even have an index future?
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laputa? interesting...

try FXI traded on NYSE. it has options with lots of vegas to manage along the rollercoaster ride.
 
Quote from blast19:

As quoted in the NYT:

“I’m not,” he explained, “a good guy with figures.” – Floyd Norris
More...


well thats very reassuring. fasten your seatbelts, bumpy ride ahead.
 
It may have something to do with the year of the pig (Feb 18th) which to the Chinese is a year when they expect to do very well financially.

Gung Hay Fat Choy!
 
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