Premier Li Qiang hosted the State Council executive meeting and emphasized the importance of further strengthening the market stabilization scheme. Interestingly, the meeting discussed many other social welfare issues. The market stabilization scheme is the odd one out. It shows how important market stability is in government work as the year winds down. Previously, we postulated that, given this year’s growth target is largely within reach, government work would focus on market stability. Today, the national team continued to buy broad-based ETFs to support the market, albeit at a slower pace. It's likely because of the State Council meeting; the team is taking a breather. And many brokers took up the third round of rediscount loan to buy stocks. Many semi names were bid despite an epic selloff rolling around in Asian markets. As such, despite a 5-sigma selloff in the US overnight, the Chinese market remained mostly resilient over the day.

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Democrats' sweeping win is good for Chinese stocks. That's because a Democrat-controlled Congress is likely to rein in Trump’s erratic behavior, giving China plenty of time to prepare countermeasures. And the PBOC is trying hard to help, cutting the interest on the rediscount loan for stock repurchases to 1%. Given that several blue chips are now offering 5%+ dividend yields, it's a steal, and there should be interest in using this facility. There is concern about not being able to sell when there is capital gain, as the CSRC restricts reducing large stakes in listed companies. This restriction is a legitimate concern, but the rediscount loan term can be extended. As long as dividend yield is higher than the loan costs, there should be plenty of takers. Chinese stocks are turning higher after the mid-term results.

It was said that: - brokers would fork out money to buy stock; - IPO suspended, though there would be no official announcement; - no more large stakeholders selling down stakes after the IPO, at least for the time being. These measures are necessary to cut liquidity outflows and rebuild confidence. Shockingly, the stock market IPOs have become some people’s cash ATM. It's unfair to small retail investors, who are often left holding the bag. Something must be done. As I tweet, the PBOC announced it would launch the swap program tomorrow, allowing brokers to buy stocks. It's 9.24 on the Chinese lunar calendar.

Everyone misses the “September-24 Surge” from two years ago. Interestingly, today is September 24 in the Chinese lunar calendar. A50 futures +1%. $FXI $KWEB $CQQQ $PGJ $EWH $YINN $YANG $BABA $PDD

China’s STAR50 index plunged 45% in 120 days, while the NASDAQ plunged 45% in 360 days in the 2008 financial crisis. Calling it a meltdown is an understatement. The national team has been buying, but it's been more reactive than proactive. The team should raise the flag by announcing it will prop up the market whatever it takes, rather than trickling in every day toward market close—unless the team wants to buy at a lower price.

We stand with Binance and everyone working around the clock on this. As one member of this industry, we know moments like these are when we need to come together. Bitcoin itself is unaffected. The network continues to run exactly as designed, as it has every block since 2009. All of Metaplanet's bitcoin is held in cold storage with best-in-class regulated custodians.