Nobody is quite sure who wrote it, when it was written or if it’s even true. But a screenshot of four paragraphs detailing a China reopening plan was enough for traders to scoop up stocks for two days running.
The unverified post, which contained black characters on a white background with no identifying marks, first began circulating on Monday night in WeChat social messaging groups filled with analysts and fund managers, according to accounts by a dozen investors who asked not to be identified. By the next morning,The screenshot claimed that China’s No. 4 official Wang Huning held a meeting of COVID-19 experts at the request of President Xi Jinping to discuss a reopening plan.
Even a fresh reaffirmation of the COVID Zero policy by the China National Health Commission late Wednesday failed to dampen traders’ enthusiasm. US-listed China stocks kept rallying after the commission asserted that the country would “firmly adhere” to its fight against the disease. The episode is an illustration of how difficult it is to obtain accurate information in the world’s second-biggest economy, where internal government deliberations and leadership changes are closely guarded secrets. That means big policy shifts can often leak out in unusual ways, even if they aren’t immediately verifiable.China has officially stayed mum on the rumours, with state media ignoring them the past two days.
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