A Drunken Walk Down the Bund

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As the chart above shows, the Shanghai index has been gyrating particularly drunkely in the past few days, even by its own heavily inebriated standards. You know that something is fishy when a fall of 4 per cent becomes anodyne. Maybe that big shakeout will come earlier than I thought. The government is contemplating dropping an tax on bank interest, which could send some people scurrying back to the safety of a savings account….