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.
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Craig Erlam
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