China is not the first country to prop up a falling stockmarket. But what makes China stand out is that it panicked when a correction of clearly overvalued shares had been expected. Rather than calming investors, its barrage of measures screamed of desperation.
...and yet the Hang Seng PE at 12 is significantly lower than the USA S&P (currently around 21....)
makes you wonder who exactly is over valued :)
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