Or Is China the word?
“Chinese institutions are too outdated, too inflexible, too lacking in coordination to be of any use when the one thing the government can do—aggregate and direct flows of money—is undermined as a tool,” she says. “The sell-off is similar to a bank run, in which each player’s only real motive is to capture as much of the value of his assets as possible before the whole edifice collapses.”
–Anne Stevenson-Yang, Founder – JCap Investments
The above paragraph is from the conclusion of “To save its stock markets, China is putting its whole financial system at risk” at Quartz, in an article that focuses on the policy background, and quotes several China-focused investment analysts.Also of interest: Walter Russell Mead with speculative notes on the situation in a global context – “China Stocks Swoon Despite Orders From Beijing.” At Business Insider, however, Elena Holodny splashes some cold water on the freakout party: “Everyone freaking out about China’s stock-market crash is missing one thing.” (Spoiler: the Chinese aren’t panicking, because the Chinese stock exchange isn’t really that big…).