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One Of These Chinese Things Is Not Like The Other

China (and Hong Kong) stock markets opened gap higher and kept going (China Merchants Bank up over 20%) as The China Securities Depositary and Clearing Co. (CSDC) announced that investors will no longer be restricted to only one stock account in China's A-share market and each can have up to 20 accounts from Monday. Which makes perfect sense because what every elementary-school-educated housewife speculator needs is 19 more places to speculate in.

 

As Xinhua reports,

The reform means investors no longer face complicated procedures if they want to transfer their accounts to other brokerage firms.

 

All they need to do is to open new accounts with other firms and the information will be transferred under a new system launched by the CSDC in October.

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Which leaves us with one question... WTF!!??

 

Is this just some giant Big Lie distraction designed to draw the "peoples' attention away from the crashing real estate market.