shanghai stock exchange Zhengyi Xie/ZumaPress

La regulación financiera defectuosa de China

SHANGHAI – La agitación en el mercado de valores de China parece haber terminado, pero sigue existiendo una incertidumbre considerable no solo acerca de lo que provocó la reciente caída de las bolsas de Shanghai y Shenzhen, sino sobre lo que ese episodio significará para los esfuerzos de reforma financiera del país.

La caída del mercado de valores de China ha sido atribuida a diversos factores. En un principio, los medios oficiales culparon del desastre principalmente a las ventas en corto “malintencionadas” de acciones chinas por bancos y corredores extranjeros. Más tarde agregaron a la lista de culpables a los inversionistas nacionales, y las autoridades chinas anunciaron una investigación rigurosa para encontrar la fuente de las ventas en corto.

Más recientemente, la discusión se ha desplazado hacia una causa aparentemente más creíble: la proliferación del financiamiento de márgenes desde 2010. Los pequeños inversionistas privados recibieron créditos importantes para financiar la compra de acciones, con lo que la participación en el mercado de valores se disparó y un mercado alcista pronunciado se salió de control.

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