- China appears to have banned “stock market” from searches on its Twitter-like platform, Bloomberg reported.
- Searches for the Chinese equivalent of “stock market” produced no results on Weibo’s web version Wednesday.
- Chinese stocks had slumped for a fourth-day in the market’s losing streak in three months.
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The Chinese stock market has dropped sharply from recent record highs over concerns that equities are overvalued and exposed to the impact of rising US bond yields.
But authorities seem to be making it difficult to find out what exactly is going on. Searches for the Chinese equivalent of “stock market” on Weibo, the country’s Twitter-like platform, produced no results on its web version on Wednesday, making it seem as though the phrase were censored, Bloomberg reported.
China’s CSI 300 index, which tracks the performance of the top stocks on the Shanghai and Shenzhen exchanges, fell to its lowest level since December 22 on Tuesday.
Weibo users could still post using the term “stock market” and the app’s mobile-version seemed to display them if hashtags weren’t included, Bloomberg said. Searches for posts including words that mean “plunge,” “A-shares,” and “stocks” worked early in the day.
Government curbs on search terms were imposed during the country’s most important annual meeting – the National People’s Congress highest-profile political event. Chinese stocks fell more deeply into correction territory despite state-backed funds, known as the “national team,” intervening to ensure stability.
Reports about the decline in the stock market were largely absent from China’s major financial dailies, which instead focused on President Xi Jinping’s comments about strengthening military and national defense.
The last time China’s Weibo limited posts online was when President Donald Trump threatened to impose more tariffs on Chinese exports in 2019, causing stocks to sink. Trump’s comments were removed from the platform.
Weibo didn’t immediately respond to Insider’s request for comment.