China lost the entire GDP of the UK in 22 days
Reuters
The post, by Fergus Cumming in the Bank's Monetary Assessment and Strategy Division, breaks down the £1.7 trillion ($2.6 trillion) wiped off the Shanghai and Shenzhen Composite indexes in the initial 22-day summer market rout this year.
The scale of China, and the amounts of money flowing in and out of the market, is truly mindboggling.
The £1.7 trillion loss is equivalent to:
- the total value of goods and services produced in the United Kingdom in 2013
- more than the total outstanding stock of lending to UK households
- more than a third of the value of all gold that has ever been mined
- more than double the value of Euro notes and coins in circulation
- seven and a half times the nominal value of outstanding Greek government debt
Perhaps even more incredible is the £3.6 trillion ($5.6 trillion) the Chinese markets added in the 12 month run-up to the June.
In that one year, Chinese markets grew by a bit more than the combined market capitalization of every single company listed on the Japanese stock market.
Here's what that looks like:
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