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How a mysterious screenshot spurred $450-billion rally in China

The screenshot claimed that China's No. 4 official, Wang Huning, held a meeting on Sunday of Covid-19 experts at the request of President Xi Jinping

Photo: Bloomberg
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Photo: Bloomberg

Bloomberg News
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.

The screenshot claimed that China's No. 4 official