Keith Bradsher’s fine article about the ongoing run-up in the Chinese stock markets was illuminating on several levels. At the very least, even if you’re not interested in financial news, it’s worth checking out for the vertigo-inducing graph tracking individual brokerage account growth on the Mainland.
I can’t even begin to guess when this thing will crash. But crash it will. Last week, while in Beijing, a friend told me that, when she last visited the tailor, he had a computer monitor with real-time stock charts propped on his work table. If that isn’t a sign that this thing is due for a crash, she told me, then there is no sign. I agree, mostly, but for a better example: this evening I was in a friend’s restaurant, and she told me that – when her RMB 1800/month (US$235) waitresses start investing – that’s when she’s going to sell. Sounds about right to me.