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A Crash With Chinese Characteristics

Sean Starrs Jacobin
The massive $3.2 trillion destruction in financial value hasn’t sparked a broader financial crisis in China — an illustration of how China’s financial system is different from other major powers. While the People’s Bank of China has sufficient firepower to reverse a crash of several trillion dollars (far more than most other countries), China’s financial system is also comparatively isolated relative to both global finance and China’s own domestic population.
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