When the tree falls, the monkeys scatter – Chinese proverb
The tree fell on the Chinese stock market on Tuesday but it was what Wall Street would call the “muppets” who scattered: private investors who had been making wild bets on rising shares.
Shares in Shanghai plummeted 5.4 per cent, having been up more than 2 per cent at one point – the biggest daily fall since 2009 and a bigger drop than the day after Lehman Brothers collapsed in 2008.
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