Beijing admits stock bubbles, says routs almost over

China's central bank governor and its market regulator have admitted that there were "bubbles" on the country's stock exchanges, after a spectacular rally was followed by a painful bust, but said the turbulence was coming to an end.

 

The benchmark Shanghai Composite Index by more than 150 per cent in the year to June 12, fuelled by debt rather than fundamentals and encouraged by authorities.