It was only a matter of time before the market faced a correction like this. Yes China is growing head over heels, but speculation by a new crop of domestic Chinese investors overinflated stocks across the board. I'm sure there was some profit taking involved, but mostly I think it was larger investors who finally realized companies weren't doing as well as their stock prices indicated.
Just like the inflated US markets, the same profit takers and bubble makers have a hand in the banks.
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