Hong Kong CNN —Chinese shares haven’t just had a bad start to 2024. The astonishing losses, reminiscent of the last Chinese stock market crash of 2015-2016, highlight a crisis of confidence among investors concerned about the country’s future. But on the same day, major state-owned banks moved to support the Chinese yuan, in order to prevent the currency from falling too fast as Chinese shares plunged, according to a Reuters report, citing unnamed sources. Topics related to the “market plunge” and “China’s stock market rescue” were trending on Weibo on Tuesday. “I’m sad about today’s stock market performance,” Hu Xijin, former editor-in-chief for state newspaper Global Times, posted on Weibo on Monday.

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Persons: It’s, “, Goldman Sachs, Wall, Li Qiang, ”, Nomura, bedeviling, Beijing’s, Li, Ken Cheung, ” Hu Xijin, “ Hu Organizations: Hong Kong CNN, Reuters, Bloomberg, Monday, People’s Bank of China, ”, Big Tech, Xinhua, Hong, Mizuho Bank, Global Times Locations: China, Hong Kong, Shanghai, Shenzhen, Japan, Asia, Beijing, US, Weibo