The CSI 300 index is back down by 2%
Reported state buying to prop up Chinese stocks didn't last too long as the recovery momentum has faded rather dramatically after the lunch break.
The CSI 300 index is down by over 2% now with the Shanghai Composite also posting losses of around 1.8% after having pared declines earlier in the day.
Given such a predicament, expect Chinese authorities to continue to step in to prevent any major panic or market distortion. It arguably won't be to the extent to promote a one-way push higher in Chinese stocks but they will surely want to keep the selloff in-check.
