When The PBOC Went All-In: China Stocks See Biggest Intraday Swing In 23 Years

Having thrown the kitchen sink at their collapsing ponzi-scheme of a market in the past two days, only to see stocks open and crash once again overnight, it appears The PBOC went full intervention-tard in the middle of the morning session. With CHINEXT down over 7% and Shnghai down over 4%, the manipulation was rooted in CSI-300 futures as while cash markets saw margin calls and liquidation, futures were surging. By the close China's 'Nasdaq' had ripped 13% off its lows and the broad market's intrday swing was the largest since 1992... The PBOC's got your back.

 

In the last 2 days, PBOC has thrown everything at the ponzi-fest they call a rational market. An RRR cut, a Benchmark rate cut, a rev repo rate cut, a CNY50 Bn rev repo injection, a stamp duty cut, IPO halts (cut supply), and last but not least permission to speculate with a reassurance that shares on a solid foundation.

The result was this...

 

 

and this...

 

Something had to be done!!

And so to avoid the social unrest they know is coming, "someone" was on the bid in CSI-300 all day and by the middle of the morning it was bleeding into cash markets, dominating their liquidations...

 

This is the biggest intrday swing in Chinese stocks since 1992. The question we are left with is, when will China start QE directly? and given the flatness of the close, it appears sellers were matched with central bank buyers.

Once again - without the help of Central Banks - the fate of the world is left to illiterate Chinese farmers and Greek grannies... time to buy stawks.