2026-11-06
On November 6, the three major A-share indices closed lower collectively, with the Shanghai Composite Index falling 1.1%, and over 4,700 stocks across both markets declining.
2026-11-06
A report released by Bloomberg Economics on November 6 stated that if the Democratic Party slows down AI investment and data center construction after a major victory in the U.S. midterm elections, China's growth, which relies on AI hardware exports, will be hit. Net exports contributed nearly 40% of China's economic growth in the third quarter, and chips and computer products accounted for 40% of the year-on-year increase in exports in the first nine months.
2026-11-06
At the Bu Ming Bai Festival held in Tokyo, the Bu Ming Bai Podcast invited Professor Xu Chenggang to discuss the institutional logic behind China's economic growth and recession, as well as how ordinary people can cope, using his book 'The Institutional Genes' as a starting point.
2026-11-03
The Wall Street Journal reports that the Chinese stock market has entered a bear market, with Morgan Stanley warning of a potential further decline of 10% to 15% before hitting bottom, noting that state-backed fund purchases may only provide short-term support.
2026-11-02
On November 2, the Chinese central bank announced that it will launch the Securities, Funds and Insurance companies Swap Facility (SFISF) operation on November 3, with a one-year term that can be extended as appropriate. 31 securities and fund companies have already reported their demand, with application quotas exceeding 100 billion RMB. This marks the third operation following those in October 2024 and January 2025.
2026-10-30
October 30 was the last trading day of October. The Shanghai Composite Index fell 1.44%, the Shenzhen Component Index fell 2.73%, the ChiNext Index fell 4.13%, and the STAR 50 Index fell 5.48%. Over 4,600 stocks across the market declined. For the month, the ChiNext Index fell by a cumulative 23.02%, and the STAR 50 Index fell by 24.13%.
2026-10-27
The 99th percentile SOFR transaction rate rose to 4.04%, exceeding the Federal Reserve's 4% window rate, and overnight repo volume rose to $3.147 trillion.
2026-10-26
From October 26, the Shanghai Composite Index and others will adopt new compilation rules: the weight of a single stock is capped at 15%, and the removal of risk-warning stocks will be calculated based on the announcement date rather than the implementation date. Stocks whose announcement and implementation fall in different months may exit the index earlier. The market has recently been in a downtrend.
2026-10-26
On October 26, Bloomberg reported on a Morgan Stanley study saying that the Chinese stock market may not have bottomed out yet, and that offshore Chinese stocks could fall another 10%–15% before approaching historically low valuations, with weak economic consumption, pressure on e-commerce, and fears of tax-triggered selling of trusts intensifying the adjustment.
2026-10-25
Bloomberg reported on October 25 that China's stock market has shrunk by about $3.5 trillion from its high earlier this year in May, with the CSI 300 index falling into a bear market the previous week, as weak consumption and price wars squeeze corporate profits.
2026-10-22
On October 22, all three major A-share indexes closed lower, with nearly 5,000 stocks across the market declining. The ChiNext Index fell 4.37% to close at 2,576.90 points, a cumulative pullback of 41.17% from its intraday high of 4,380.41 points on June 25 over about four months.
2026-10-14
According to Radio France Internationale (RFI), the Hong Kong Securities and Futures Commission took enforcement action over suspicions that two Chinese-funded companies engaged in market manipulation during their initial public offerings (IPOs), freezing more than HK$4.6 billion in assets, a record high freeze amount in the history of the Hong Kong securities regulator.
2026-10-13
On October 13, 2026, according to social media reports, Chinese regulatory authorities have officially approved the U.S. financial giant Visa to establish a locally registered bank card clearing institution within China. This marks a new milestone in the expansion of overseas card organizations' RMB clearing businesses in China and further promotes the opening up of China's financial payment and clearing market.
2026-10-13
According to a disclosure by X user @ChinaSelect, some of the largest financial institutions in the United States have helped raise billions of dollars for companies linked to the Chinese Communist Party's military and human rights abuses. This week, these financial institutions are holding earnings calls with investors and journalists, and whether they will continue to underwrite initial public offerings (IPOs) has drawn attention.
2026-10-13
On October 13, the IMF released its latest World Economic Outlook, raising Taiwan's 2026 growth forecast from 5.2% in April to 10.7%, while lowering the mainland's forecast by 0.1 percentage points to 4.5%; Taiwan's growth is mainly driven by demand for AI and advanced chips.
2026-06-10
The Financial Stability Board issued a consultation paper pointing out that financial institutions' reliance on common AI models and data integration would amplify herding effects and pro-cyclicality.
2026-09-30
The Bank of England has published the minutes of its Financial Policy Committee meeting of September 25, citing a Morgan Stanley estimate that global AI-related bond issuance had reached $450 billion in 2026 through September.
2026-10-11
According to a report by the Financial Times, China's economic growth in the second quarter fell to 4.3%, below the full-year target range of 4.5% to 5%. Retail sales and fixed-asset investment were weak, and the property market has been in a downturn for more than five years.
2026-10-11
Srinivasan, head of the International Monetary Fund's Asia Department, noted that China's growth model of relying on investment, manufacturing and exports is approaching its limits, and suggested improving the social security system, adjusting local government incentives and the land-finance model, warning that otherwise the country could fall into a prolonged slowdown.
2026-10-11
Research by the Conference Board shows that interest payments on the debt of China's central and local governments are expected to reach 1.4 trillion yuan in 2026, far exceeding the roughly 348 billion yuan in 2014; central government debt service is projected to rise to 19.2% of the general public budget.
2026-10-08
On October 8, The Wall Street Journal reported that, facing difficulties such as the real estate downturn, insufficient domestic demand, and second-quarter GDP growth slowing to 4.3%, the stimulus measures introduced by the Chinese government — including mortgage subsidies and capital injections into banks — lean toward caution and are unlikely to fundamentally reverse the economic weakness.
2026-10-06
The State Council of the CCP held an executive meeting, requiring the improvement of robust mechanisms for the capital market and the enhancement of intrinsic stock market stability. The swap facility tool has also been transformed from a temporary measure into a long-term institutional arrangement.
2026-10-05
According to a Bloomberg report on October 5, as of the time of the report about 256 public funds had been liquidated this year, with another 46 warning of possible termination; the full-year number of liquidations may exceed 300, the most since 2018.
2026-09-30
On September 30, the International Monetary Fund (IMF) published a new book, "Toward a New Growth Model for the Chinese Economy," on its official website, pointing out that linking local officials' performance evaluation to GDP targets has led to infrastructure expansion, land-sale financing, and the accumulation of local government financing vehicle (LGFV) debt. LGFV cash flows can cover only about one-quarter to one-third of interest payments. The book recommends improving social security, advancing household registration (hukou) reform, and increasing the progressivity of the tax system.
2026-09-29
The fiscal interest subsidy policy was officially announced on September 29 and went into effect at the start of the National Day holiday; combined with developer discounts, it drove up new home transaction volumes in some key cities.
2026-09-29
An X account named “所谓伊人在水一方” uploaded a video of a female teacher talking about student safety, in which she reminds high school students to guard against strangers, vehicles, and the risk of losing contact.
2026
The video's author lists indicators from the first half of the year — contracting consumption, high-ranking officials falling from power, declines in fiscal revenue and household savings, and rising unemployment and credit defaults — claiming all have set historical records; no unified source can be found for any of the data.
2026-09-18
In a conversation, Morgan Stanley's Chief Economist for China, Xing Ziqiang, pointed out that China's social security expenditure accounts for only about 8% of GDP, far below the OECD average of 25% and the levels of developing countries with similar per capita GDP, and also mentioned group disparities in the enjoyment of public services.
2026-09-19
On September 19, Huang Yiping, a member of the Monetary Policy Committee of the People's Bank of China, stated at the Beijing Economic Forum that artificial intelligence may exacerbate the contradiction between China's overcapacity and insufficient household purchasing power. He pointed out that distribution leaning toward capital leads to weak demand, and suggested increasing the proportion of household income through market-oriented reforms, while the central government borrows to repair the balance sheets of local governments and enterprises.
2026-09-19
At the Tsinghua Wudaokou Chief Economists Forum, four scholars—Lin Yifu, Yu Yongding, Yao Yang, and Li Xunlei—concentrated their efforts to call on the central government to adopt expansionary fiscal policies and bail out local government debt.
2026-09-15
On September 15, The Wall Street Journal published an article pointing out that while China can avoid a sudden financial crisis through its state-controlled financial system, the losses from real estate and bank bad loans will not disappear. Economist Michael Pettis believes that the losses will be borne by ordinary residents in the long run through low deposit returns and shrinking asset values, rather than manifesting in public forms such as bank failures.
2026-09-15
On September 15, German Chancellor Merz criticized China at the Berlin Entrepreneurs' Conference, stating that through state intervention, overcapacity, and export subsidies, China has driven the EU's trade deficit with China to over 300 billion euros. EU leaders plan to discuss in October whether to deploy trade defense instruments.
2026-09-16
The Federal Reserve raised interest rates by 25 basis points at its policy meeting, moving the federal funds rate into a range of 3.75% to 4%, while the 10-year Treasury yield touched 5.3% intraday, its highest level since 2007.
Location: Washington, United States ·
Importance IV ·
Verification: Verified ·
View causal chain →
2026-09-15
Wen Bin, chief economist at China Minsheng Bank, published a column on September 15 saying that the financing structure in August continued to optimize and better match new quality productive forces; the claim is accused of masking the contraction of credit in the private sector.
2026-09-14
In the first 8 months, direct financing totaled 12.03 trillion yuan, accounting for 50.31% of aggregate social financing; of this, government bonds were 8.77 trillion yuan, accounting for 72.9%, corporate bonds were 2.79 trillion yuan, accounting for 23%, and equity financing was only 470 billion yuan, just 3.9%.
2026-09-11
On September 11, the China Securities Regulatory Commission (CSRC) publicly announced administrative penalty decisions, imposing fines and market entry bans on Chen Guanghua, Zong Jianshu, Ma Xingrui, and Lu Runkai for fabricating and disseminating false information about tax rate adjustments. The individuals involved disrupted the securities market through this act, but none had illegal gains.
2026-09-07
Xinhua News Agency reported on September 7, 2026 that eight major state-owned financial institutions, including the Industrial and Commercial Bank of China and the Agricultural Bank of China, simultaneously issued capital increase announcements, planning to raise 360 billion yuan to replenish capital through the issuance of special treasury bonds and capital injections from the Ministry of Finance, among other means.
2026-09
As the lives of ordinary people grow ever harder, the Chinese Communist Party authorities seem to turn a blind eye to their suffering, continuing to tout a bright outlook for China’s economy and calling on all sectors of society to revel in economic prosperity.
2026-09
Through issuing special treasury bonds that were subscribed by banks and then converted into targeted share issuances, the Ministry of Finance injected 500 billion yuan in 2025 and 300 billion yuan in 2026, a total of 800 billion yuan, to replenish the core tier-1 capital of the big banks, making Central Huijin the largest shareholder of the four major banks.
2026-09
In 2026, Unitree Robotics listed domestically, with its IPO oversubscribed by retail investors more than 8000-fold. It closed up 460% on its first day of trading, after which the stock retraced about 45% from its post-listing high. This extreme volatility was seen as one of the factors prompting the securities regulator to tighten IPO thresholds for humanoid robot companies.
2026-09
China's 10-year government bond yield peaked at 1.9% in January, fell to a low of 1.675% on August 14, and averaged around 1.7% in September. For the full year, it fluctuated by only about 25 basis points, holding in a sideways range under the central bank's guidance.
2026-09
In the first 8 months of 2026, securities transaction stamp duty grew nearly twofold year-on-year. Funds mainly changed hands among households, brokerages, the fiscal authorities and insurance companies, without generating any new investment.
2026-09
At the recent Tsinghua PBC School Forum, economists within the system, including Lin Yifu, Yu Yongding, Yao Yang, and Li Xunlei, rarely criticized economic policy en masse. Yu Yongding said the central government's books are clean while local governments are a complete mess, and called on the central government to issue bonds to replace local debt.
2026-09
Mech-Mind listed on the Hong Kong Stock Exchange shortly before Shao Tianlan posted a WeChat Moments report on September 10, 2026, with founder and CEO Shao Tianlan leading the team to complete the Hong Kong IPO.
2026-08-23
People’s Daily continues to publish “Zhong Caiwen” articles, claiming that China’s economy has shown “strong resilience.”
2026-08-23
Chinese state media published an article characterizing the 4.7% economic growth in the first half of the year as high-quality, arguing that it is in line with the current economic reality.
2026-08-22
People’s Daily published an article signed “Zhong Caiwen,” arguing that observations of China’s economy should not focus only on single-month data.
2026-08-20
Without any advance notice, the U.S. Treasury suddenly announced that it would raise the liquidity buyback cap for long-end old bonds with maturities of 10 to 30 years from $2 billion per operation to $4 billion.
2026-08-17
Li Qiang presided over a State Council meeting, calling for persisting in expanding domestic demand, focusing on the principal contradiction, seizing on areas with long industrial chains and large scale, and promoting the domestic economic cycle and consumption upgrading.
2026-08-17
On August 17, 2026, China's National Bureau of Statistics rarely broke its long-standing convention of releasing data in the morning, postponing the July national economic data to 3 p.m., after the A-share market closed, sparking market concerns that the data was under pressure.
2026-08-10
On August 10, 2026, the Shaaanxi Bureau of the China Securities Regulatory Commission issued an announcement stating that, because Kaiyuan Securities had previously experienced a network communication failure that caused abnormal user logins and failed to report the incident promptly as required, regulatory measures including the issuance of a warning letter were taken against the brokerage.
2026-08-10
On August 10, 2026, the Zhejiang Securities Regulatory Bureau issued an announcement stating that, due to multiple compliance management issues in Caitong Securities' brokerage and proprietary trading businesses, regulatory measures were imposed against it in accordance with the law.
Location: Hangzhou, Zhejiang ·
Importance II ·
Verification: Official claim ·
View causal chain →
2026-08-06
The yield on one-year US Treasury bonds reached 4.6%, compared to 1.3% for a five-year fixed deposit at China Construction Bank and 1.7% for savings bonds issued by the Ministry of Finance.
2026-08-01
On August 1, 2026, Qiushi, the journal of the CCP Central Committee, published an article candidly acknowledging that there is a temperature gap between macroeconomic data and the micro-level experience of the ordinary public, conceding that intensifying competition for jobs and improvements in income have fallen short of expectations, sparking widespread social discussion.
2026-07-30
On July 30, 2026, the CCP Central Committee Politburo held a meeting to analyze the economic situation. The Wall Street Journal reported that the meeting emphasized supply-side optimization and the implementation of existing policies, sending a clear signal that there is no intention to unleash flood-style massive stimulus in the face of slowing economic growth.
2026-07-29
People's Daily published guidance opinions, releasing a strong signal of investigating the Ctrip monopoly case and cracking down on antitrust involution, drawing outside attention to the authorities' further rectification of foreign and private enterprises.
2026-07-24
The CCP Central Committee held a symposium with non-Party figures at Zhongnanhai. Presiding over the meeting, Xi Jinping said that China's economy is currently facing certain difficulties and challenges.
2026-07-24
At a symposium with non-Party figures, Xi Jinping acknowledged for the first time in his own words that China's economy is experiencing a severe downturn. The news is regarded as an important milestone, foreshadowing the gravity of China's economic situation.
2026-07-22
On July 22, 2026, Zhang Enhui, Secretary of the Changchun Municipal Party Committee, presided over an enlarged meeting of the Municipal Party Committee Standing Committee. The official communiqué stated that the city's economic development is currently facing "unprecedented difficulties and challenges."
Location: Changchun, Jilin ·
Importance IV ·
Verification: Official claim ·
View causal chain →
2026-07-22
On July 22, 2026, the CCP Changchun Municipal Committee held an expanded standing committee meeting to conduct an in-depth analysis of the economic situation in the first half of the year, and the official announcement rarely admitted that the city's economic development is facing unprecedented difficulties and severe challenges.
2026-07-15
On July 15, 2026, China's National Bureau of Statistics released data showing that national GDP grew 4.7% year-on-year in the first half of 2026, while growth in the second quarter slowed to 4.3%, falling short of the full-year target, with real estate investment down 18% year-on-year.
2026-07-15
China announced that GDP grew 4.3% in the second quarter. Nominal growth exceeded real growth for the first time in 13 quarters, mainly driven by price increases upstream.
2026-07-08
A China economic briefing released by the World Bank on July 8 pointed out that China's domestic demand will continue to shrink and housing prices will fall, with the root cause being that the government of the Chinese Communist Party (CCP) uses 43% of its budget for investment while underfunding people's livelihood.
2026-07-07
Renowned macroeconomist Gao Shanwen has passed away due to illness at the age of 55. He previously worked at institutions such as Peking University and Guotai Junan Securities, and was well-known for his profound insights and warnings regarding the Chinese economy.
2026-07-04
The quarterly meeting of the Monetary Policy Committee of the People's Bank of China adjusted the economic tone from "steady progress" to "toward the new, toward the better," and listed structural optimization as one of the challenges facing the economy.
2026-07-03
Wuhan Zhongbang Bank was taken over by regulators in July 2026.
2026-07
China's official data shows Q2 GDP grew 4.3% year-on-year, the slowest pace since the end of 2022.
2026-07
The market widely expects China's year-on-year GDP growth in the second quarter of 2026 to fall back to 4.2% to 4.5%, while the Bank of China Institute of International Finance has forecast 4.7%.
2026-07
DTCC has received regulatory clearance and plans to move U.S. stock and U.S. bond settlement on-chain in the second half of 2026, enabling the same security identifier to convert between traditional ledgers and on-chain form.
2026-06-29
The People's Bank of China injected 300 billion yuan in temporary overnight reverse repos, but did not disclose the interest rate for the operation.
2026-06-18
The website of the Chinese Communist Party's theoretical journal Qiushi published a commentary article titled "Boost Consumption with Greater Vigor," proposing measures such as increasing residents' income, improving the social security system, rescuing the real estate sector, and repairing residents' balance sheets.
2026-06-17
At the Lujiazui Forum, Pan Gongsheng, governor of the central bank of the Chinese Communist Party, rolled out six new tools in one go, including narrowing the interest rate corridor, non-bank liquidity support, and overseas central bank repo facilities.
2026-06-02
On June 2, Alphabet priced an $84.75 billion equity offering, draining a massive amount of liquidity from the market.
2026-06
As of June 2026, the comprehensive pressure index is at a neutral position at the historical 50th percentile, but AI crowding has surged to the 94.7th percentile, nearly the highest in history.
2026-06
The top ten constituents of the S&P 500 index have seen their combined weight rise to 39.3%, cited as one of the indicators of market concentration risk.
2026-05-21
The European Central Bank has released a working paper showing that AI investors collectively coordinate redemptions and divestments during model interactions, even when economic fundamentals are strong.
2026-04-25
Justin Yifu Lin, dean of the Institute of New Structural Economics at Peking University, said in Hefei that China is only 135 dollars short of the high-income country threshold and could cross it by next year at the latest.
2026-03
The single-day processing amount of CIPS, the Cross-Border Interbank Payment System, hit a record of over 1.2 trillion yuan in March 2026.
2026-01-19
China's statistical department announced that the nominal GDP for 2025 is approximately 140 trillion yuan, a figure used to estimate the economic losses caused by information control.
2026
According to International Monetary Fund estimates, the actual scale of the Chinese government's debt in 2026 will be about 200 trillion yuan, reaching 135% of GDP.
2026
Based on calculations using International Monetary Fund data, China’s actual government debt ratio is projected to exceed 200% in 2026.
2026
Based on data from the International Monetary Fund, the video estimates that China's fiscal deficit in 2026 is expected to exceed 15%.
2026
Data from China's Ministry of Commerce shows that after reaching a peak of 1.23 trillion in 2024, the national actual utilized foreign investment fell to 747.6 billion last year, a year-on-year decrease of 40%, and has continued to decline by 7% this year on a low base.
2025-12
According to estimates in the Southwestern University of Finance and Economics' "2025 Report on the Fiscal Conditions of Provinces, Cities, and Counties," in 2024 the average fiscal self-sufficiency rate of the country's 2,774 county-level areas was about 38%, with the lowest county at only about 1%.
2025
In 2025, China's high-tech industry actually used 241.8 billion yuan in foreign investment, down 15.6% year on year.
2025
China-Brazil bilateral trade volume reached $188 billion in 2025, ranking first in Latin America, yet Brazil's GDP growth rate over the past 15 years ranks second to last among major Latin American countries.
2025
Despite the Chinese ban, Japan's total seafood exports recovered in 2025 and hit a record high of 423.1 billion yen, a year-on-year increase of 17.2 percent.
2025
Statistics bulletin of the National Health Commission shows that in 2025 there were 15.109 million voluntary blood donation visits nationwide, with a donation rate of 10.9 per 1,000 people; all three key indicators dropped by about 11% compared with 2023; in 2024, donations were already more than 1 million visits fewer than in 2023.
2024-12-03
In a speech at the end of 2024, Gao Shanwen expressed sensitive views on the cyclical bubbles, consumption structure, actual growth rate, and future low growth of the Chinese economy. The speech was subsequently banned, marking his final public address.
2024-05-29
The U.S. Department of the Treasury has begun regularly repurchasing specific maturities of government bonds through multi-price reverse auctions, aiming to support liquidity in the government bond market.
2024-04
Regulators ordered major banks to stop manually topping up interest on corporate deposits, causing demand deposits at the four major state banks to plunge within a short period, while corporate structured deposits surged, bill rates fell to zero, and the interest margin was pushed back up.
2024-02-07
On February 7, 2024, the CCP Central Committee and the State Council removed Yi Huiman from his posts as Party Committee Secretary and Chairman of the China Securities Regulatory Commission (CSRC), with Wu Qing succeeding him; outsiders believe this is related to the continuous decline of A-shares at the time.
2023
Last year, daily rental rates in China's robot rental market ranged from 5,000 to 15,000 yuan, used mainly for performance-type events such as mall openings, auto show booths, and warm-up acts at annual galas.
2022-10
University of Chicago scholar Martinez, using satellite nighttime light data, found that annual GDP growth in authoritarian countries is overstated by an average of about 35%, and that China's figure may have been overstated by about one third over the past two decades.
2021-08-27
The Cyberspace Administration of China has launched a special rectification targeting financial information, identifying activities such as distorting interpretations of financial policies and macro data, or maliciously betting against financial markets, as targets for governance, covering financial self-media accounts and information platforms.
2020-11-03
The Shanghai Stock Exchange suddenly announced the suspension of Ant Group's listing process on the STAR Market, even though the project had already entered its final stage.
2020-09-29
Between 2008 and 2016, 15 JPMorgan traders systematically spoofed the precious metals markets, resulting in $920 million in fines from U.S. regulators and criminal charges against three traders.
2018-01-11
In January 2018, Tianjin Binhai New Area switched its GDP statistical basis from registered to local, revising its 2016 GDP from 1,000.231 billion yuan to 665.4 billion yuan, a drop of about one third; the Tianjin Municipal Bureau of Statistics said this had no impact on the city's overall GDP.
2015
Fumao Group ordered a cargo ship at a state-owned shipyard in Qingdao, with a loan provided by the Export-Import Bank of China. This is the first cooperation between financial institutions on both sides of the strait to participate in ship financing.
2012
The sum of GDP figures reported by provinces and municipalities in 2012 was 57.66 trillion yuan, about 10% higher than the 51.93 trillion yuan calculated by the National Bureau of Statistics; the bureau said the difference was mainly due to double counting in the tiered accounting system and differences in raw data.
2008-09
In the face of the global financial tsunami, in September 2008 Wen Jiabao led the State Council in announcing a large-scale 4 trillion yuan bailout plan for infrastructure investment.
2007-03
The then-Secretary of the Liaoning Provincial Party Committee, Li Keqiang, told the US Ambassador that Liaoning's GDP figures were man-made and for reference only, and that he only looked at electricity consumption, railway cargo volume, and bank loans.
2001-12-11
On December 11, 2001, China officially became a member of the World Trade Organization after an agreement was reached at the ministerial conference in Doha.
1995-02-23
Illegal short selling and a bull-bear battle broke out in the treasury bond futures market; Wanguo Securities was hit and forced into liquidation; the exchange subsequently declared the last eight minutes of trading void, and treasury bond futures were shut down that May.
1993-12
In late 1993, China determined the plan to unify the RMB exchange rate, merging the official and market rates. The relevant reforms were officially implemented the following year.
1993
The video claims that the Japanese government implemented PKO market support by channeling public pension funds into the stock market, restricting short selling, and designating trust banks to buy shares, and that the support failed after the Nikkei index rose 2.9% in 1993; no public reports of this figure can be found.
1976
In October 1976, the ten-year-long Cultural Revolution ended with the "downfall of the Gang of Four"; the prolonged political campaigns had a severe impact on China's economy.
1929-03
In March 1929, after a warning from the Federal Reserve, the stock market suffered a mini-crash; Charles Mitchell, president of National City Bank (the predecessor of Citibank), announced $25 million in credit to prop up the market, and the call loan rate fell from 20% back to 8%.