Tuesday May 29, 2007

Bank queues in China

Heard on the radio : queues are forming outside banks in China, as the Chinese are frantically withdrawing money to throw into the red-hot stock market. The ATM withdrawal limit has also been quadrupled from RMB 5,000 to RMB 20,000.

As for the stock market, it seems to be making record highs on a daily basis nowadays. Recently, a colleague (Indian) asked another colleague (from mainland China) "how to get onto the Shanghai stock exchange".

Sounds bubbly? You bet. However, there are many people waiting for the bubble to burst. From a purely contrarian point of view, it just might run a while yet. But you might not want to be around when it does burst.

(2007-05-29 14:40:20 SGT) [Biz] Permalink

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