How a Mysterious China Screenshot Spurred $450 Billion Rally
- Unverified post claimed top officials mulling reopening plan
- Investors are desperate for signs Covid Zero policy will ease
This article is for subscribers only.
Nobody is quite sure who wrote it, when it was written or if it’s even true. But a screenshot of four paragraphs detailing a China reopening plan was enough for traders to scoop up stocks for two days running.
The unverified post, which contained black characters on a white background with no identifying marks, first began circulating on Monday night in WeChat social messaging groups filled with analysts and fund managers, according to accounts by a dozen investors who asked not to be identified. By the next morning, it was spreading like wildfire.