China's top financial policymaker rescued stock markets from a bloodbath this week with a promise of stability, but plenty of investors reckon mere words will not restore lasting calm in an economy beset with multiple large risks.
Hong Kong markets, which have borne the brunt of the brutal selloff in Chinese stocks, rallied fiercely after Vice Premier Liu He's assurances on stability, regulatory clarity and monetary easing.
Investors worried by more somber concerns, chiefly around a potential blowback on China from its dealings with sanctions-hit Russia and a spike in domestic COVID-19 cases that threatens to disrupt economic activity, weren't convinced.