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

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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.

CNBC

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Craig Erlam

Craig Erlam

Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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