It’s all a very steady pattern, markets are either range bound or drifting higher after the August - September rout.
Central bank communication is something we have always highlighted as what the variable banks need to get right.
The People’s Bank of China missed this memo yesterday and accidentally released an extract of Governor Zhou’s 27 May speech about the Shenzhen-Hong Kong connect. The extract stated that the link was five weeks away from being completed at the time, but was pulled due to the China equity crunch.
Here is the Hang Seng’s reaction to the accidental release and then the retraction two hours later: