Business Maverick: How a Mysterious China Screenshot Spurred $450 Billion Rally

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 rumors, with state media ignoring them the past two days. A spokesperson for China’s Foreign Ministry said they weren’t aware of the rumor during a regular press conference on Tuesday, and questions on the subject were scrubbed from the briefing’s official transcript.

On Wednesday, more rumors were afoot as the rally continued. Twitter user Shanghai Macro Strategist, who claims to be a China strategist and has more than 14,000 followers, posted screenshots purporting to be from two Chinese brokerages reporting upcoming changes to China’s Covid policies. The user declined to comment further in a message to Bloomberg News.

One screenshot showed Haitong Securities Co. saying a meeting would be held Friday to ease quarantine requirements and remove circuit breakers for flights, among other measures. The brokerage said the screenshot wasn’t true in an emailed reply to Bloomberg News. Rumored Beijing will hold a meeting on Friday and make below changes:1) mandatory quarantine shortened to 5+2; 2) secondary contacts no longer subject to quarantine; 3) cancel mid risk areas; 4) cancel circuit breaker for international flights; 5) delegate more power to local gov

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