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You can find the current article at its original source at http://www.theguardian.com/business/2015/aug/25/chinese-investors-lose-heart-stocks-plunge-again-market-crisis
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| Version 1 | Version 2 |
|---|---|
| Chinese investors lose heart as stocks plunge again | Chinese investors lose heart as stocks plunge again |
| (about 4 hours later) | |
| Beijing may be gearing up to celebrate the end of the second world war, but for some of the mainly grey-haired retirees at a branch of the China Securities brokerage firm in the Dongzhimen neighbourhood, the hostilities are not over. | Beijing may be gearing up to celebrate the end of the second world war, but for some of the mainly grey-haired retirees at a branch of the China Securities brokerage firm in the Dongzhimen neighbourhood, the hostilities are not over. |
| As most of the 70 or so pensioners gathered in the hall studiously plot their plummeting fortunes, one woman paces the room, seething. “This is all because foreign countries are waging a currency war with China” she yells, “and now they’ve dropped a bomb on the Chinese stock market.” | As most of the 70 or so pensioners gathered in the hall studiously plot their plummeting fortunes, one woman paces the room, seething. “This is all because foreign countries are waging a currency war with China” she yells, “and now they’ve dropped a bomb on the Chinese stock market.” |
| Security guards at the brokerage branch are wary of journalists taking photos, and it does not take long to see why. In front of the retirees are nine large LED screens flashing stock prices – and they are a sea of green. | Security guards at the brokerage branch are wary of journalists taking photos, and it does not take long to see why. In front of the retirees are nine large LED screens flashing stock prices – and they are a sea of green. |
| The optics are not good. Red is a lucky colour in China, so green is the colour of choice to show when a share has lost value. “I’ve lived through wars,” one elderly gentleman tells the Guardian, “but nothing as horrible as this.” | The optics are not good. Red is a lucky colour in China, so green is the colour of choice to show when a share has lost value. “I’ve lived through wars,” one elderly gentleman tells the Guardian, “but nothing as horrible as this.” |
| Related: China's stock market slumps by 7.6%, but FTSE 100 recovers – live | Related: China's stock market slumps by 7.6%, but FTSE 100 recovers – live |
| The 82-year-old, who declines to give his name, says: “I depend on the Communist party to put food on my table,” . He holds his hands up in a handcuff gesture, suggesting he is not free to talk. “The Communist party is awful, all my money is gone.” | The 82-year-old, who declines to give his name, says: “I depend on the Communist party to put food on my table,” . He holds his hands up in a handcuff gesture, suggesting he is not free to talk. “The Communist party is awful, all my money is gone.” |
| He has been playing the stock market for years, using his own and his son’s money. “What I have to say is not the same as the others,” he says, motioning to the other traders. “Things were better under Chairman Mao. People’s morality was better back then and there was no prostitution.” | He has been playing the stock market for years, using his own and his son’s money. “What I have to say is not the same as the others,” he says, motioning to the other traders. “Things were better under Chairman Mao. People’s morality was better back then and there was no prostitution.” |
| Despite his criticism of the Communist party and its current leaders, he says other world leaders should share the blame. | Despite his criticism of the Communist party and its current leaders, he says other world leaders should share the blame. |
| Most of the retirees tracking their plummeting fortunes are not in a reflective mood. “Don’t bother me,” says one woman. “I’m trying to focus.” | Most of the retirees tracking their plummeting fortunes are not in a reflective mood. “Don’t bother me,” says one woman. “I’m trying to focus.” |
| One trader, in his 60s, seems less focused on the market movements and more on his copy of the state-run Reference News. The newspaper contains summaries of western news reports that place the blame for the global market rout on China’s economic weakness. | One trader, in his 60s, seems less focused on the market movements and more on his copy of the state-run Reference News. The newspaper contains summaries of western news reports that place the blame for the global market rout on China’s economic weakness. |
| Related: China financial crisis: from dizzy heights of peak to dark depths of Black Monday | Related: China financial crisis: from dizzy heights of peak to dark depths of Black Monday |
| Mrs Liu, 87, says she mostly visits the trading hall to “give her brain some exercise” and hang out with friends. “Experts on TV said it would go up to 6,000,” she says, referring to the Shanghai Composite index, which closed below 3,000 yesterday. “Who could have guessed [the share prices] would take such a turn?” | |
| Behind her a group of investors turnd their chairs to face each other to chat, play cards, sip tea and eat steamed stuffed buns as trading halts for lunch. “This is happening all over the world,” she continues. “The global economy is not performing well. It’s not China’s fault”. | Behind her a group of investors turnd their chairs to face each other to chat, play cards, sip tea and eat steamed stuffed buns as trading halts for lunch. “This is happening all over the world,” she continues. “The global economy is not performing well. It’s not China’s fault”. |
| Mrs Liu says that, unlike many other traders, she has invested conservatively: “I’ve invested a couple of thousand yuan. But I haven’t been drawing on my savings – just some from my monthly pension – not enough to affect my quality of life.” | Mrs Liu says that, unlike many other traders, she has invested conservatively: “I’ve invested a couple of thousand yuan. But I haven’t been drawing on my savings – just some from my monthly pension – not enough to affect my quality of life.” |
| She admits she is not optimistic about where the market is heading but says: “If my stocks pick up, I’m ready to sell. That way I won’t lose all my money. | She admits she is not optimistic about where the market is heading but says: “If my stocks pick up, I’m ready to sell. That way I won’t lose all my money. |
| “The government did try to rescue the stock market, but this time it hasn’t been effective. I hope the market will pick up, but it’s beyond the power of the common people.” | “The government did try to rescue the stock market, but this time it hasn’t been effective. I hope the market will pick up, but it’s beyond the power of the common people.” |