„The Chinese circuit breakers were designed to kick in progressively, at two levels of decline. The first threshold was a market drop of five per cent, which would cause an automatic fifteen-minute pause in trading. The second one, which would shut down trading for the day, kicked in after a seven-per-cent decline. But in practice, rather than protecting investors, the controls appear to have made the markets more crash prone, causing wholesale trading shutdowns last Monday and Thursday. On Thursday, trading stopped after only twenty-nine minutes.“

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