Rumors and intrigue are China’s biggest market movers


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What’s moving Chinese markets these days—to the tune of hundreds of billions of dollars—isn’t stellar GDP figures (when they aren’t delayed) or central bank interest rate moves, but something decidedly more nebulous: rumors and intrigue. Last week, a mysterious four-paragraph screenshot of unknown origin and uncertain authenticity sparked a massive rally of some $450 billion in Chinese equities. The unverified post claimed that senior government officials held a meeting to “speed up a conditional opening plan” from the current zero covid policy. Advertisement Investors, by now desperate for signs of an easing of pandemic restrictions, gobbled up the rumor by...