Last Thursday 634,000 people opened stock broker trading accounts in China. This brings the total of new accounts opened since the beginning of the year to 11.7 million!
Chinese retail investors are desperate to get in on the action that led to the Shanghai market growing more than 130% last year and more than 30% already this year despite two sharp falls in February last week.
This has all the makings of a major stock bubble and an ugly ending for many of these investors who probably have moved cash out of savings accounts to these high risk markets and can ill-afford to lose their money.
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