Ex-Aussie PM: China Learns Stock Lesson in Real Time

The interventions by the Chinese government this week to try to halt the stock market meltdown there are significant but not unprecedented, former Australian Prime Minister Kevin Rudd said Friday—pointing to examples of similar moves in Japan and Hong Kong in the 1990s.

The financial markets in China are getting their first dose of real volatility and regulators there are learning how to deal with it real-time, Rudd told CNBC’s “Squawk Box” in an interview.

Boosted by hopes for a Greek deal, Chinese stocks rebounded for a second session overnight, with the Shanghai composite adding 4.5 percent to Thursday’s gain of nearly 6 percent.

Rudd said the stock market in China has little bearing on the big financial and economic picture there.


Craig Erlam
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the BBC and The Telegraph, and he also appears regularly as a guest commentator on Bloomberg TV, CNBC, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.