Greenspan does not impress Chinese markets

Chinese shares in the US took a dive yesterday after former Federal Reserve Chairman Alan Greenspan predicted a "dramatic contradiction", but the stock markets in China - as expected - ignored this trend at the opening of the trading.

Mr. Greenspan spoke by satellite to a conference in Madrid, wrote Bloomberg yesterday.

China Petroleum & Chemical Corp., Asia's largest refiner, led a decline in energy companies on the New York Stock Exchange. Shares of China Life Insurance Co., the country's largest insurer, also retreated.
Speaking to a conference in Madrid by satellite, Greenspan said the rally in Chinese shares ``is clearly unsustainable.'' He joins Li Ka-shing, Asia's richest man, in voicing concern about the stock market in China, where the benchmark CSI 300 Index rose to a record today.