China's stock-market rescue puts spotlight on central bankers' exit strategy
Investors everywhere have been coddled by policymakers in recent years, making it hard for officials to cut stimulus
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EXIT strategies used to be the preoccupation of Pentagon planners. Nowadays, they are more a province for central bank watchers, since the Federal Reserve gorged on trillions of dollars of mortgage and government debt.
And in that economic realm, China has just added a new conundrum. The dependence of the nation's stock market on official support was exposed on Monday with the biggest drop since 2007 amid speculation aid had been dialled back.
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