Mysterious China Screenshot Caused $450 Billion Rally
- Its author, date, and veracity are unknown. A snapshot of four pages describing a China reopening plan prompted traders to buy equities for two days.
- According to a dozen unidentified investors, the unconfirmed message with black text on a white background with no identifying markers started circulating on Monday night in WeChat social messaging groups for analysts and investment managers. It spread like wildfire by daybreak.
- The economic and publicity departments discussed “speeding up a conditional opening plan, with the objective of significantly opening by March next year,” it stated.
- Xueqiu’s “96 Old Stock Trader” posted the message at 11:26 a.m., boosting its popularity. Hong Hao, a famous Hong Kong economist, tweeted something similar 20 minutes later, and MSCI China Index equities rallied $320 billion. The two-day total rose to $450 billion on Wednesday.