Beijing launched an extraordinary series of “rescue measures” since late June to stabilize China’s volatile stock markets, which had plunged by nearly 30% in three weeks after hitting historic highs in mid-June
The following timeline sets out the measures, announcements and market developments of the period leading up to the crash:
June 24 (Wednesday) – The State Council, China’s cabinet, scraps the longstanding requirement that caps lending by commercial banks at 75% of their deposits
June 27 (Saturday) – The People’s Bank of China cuts guidance lending rates by 25 basis points and trims the reserve requirement ratio for financial institutions
June 29 (Monday) – China Securities Finance Corporation (CSF), the only...