Just as many countries have banned or restricting the practice, China announced at the weekend that it would proceed with the trial introduction of both margin trading and short selling of shares, in spite of the global turmoil.
Initially at least, the Shanghai stock market was unimpressed: the benchmark Shanghai Composite index closed down 5.23 per cent at 2,173 points yesterday, shrugging off the positive impact of the announcement entirely, and giving in to concerns about the health of the global economy instead.
Shanghai stocks were also playing catch-up: the mainland markets were closed last week for the Chinese national day holiday, so they were unable to react to market falls elsewhere in Asia until yesterday.
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