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Beijing’s effort to stoke liquidity ahead of a major public holiday bares concerns about defaults and deeper worries about a longer-term economic crisis.
If China allows the yuan to weaken, as it's doing now, that helps manufacturers maximize profits from exports. But a weaker currency makes the cratering stock market even less attractive.
The intervention will cause volatility that ripples into markets from New York to Taipei because the Chinese economy is linked to just about everyone else's.
China’s criminal probes will scare people into following the law, give the markets a cleaner image and show the world Beijing intends to support share prices.
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