Shanghai, Shenzhen Margin Balances Fall 12.7 Billion Yuan

The decline is notable less for its size than for its symmetry: Shanghai and Shenzhen shed nearly identical amounts, suggesting broad-based deleveraging rather than a single-market shock. Margin balances are a proxy for leveraged conviction, so the pullback points to risk appetite cooling across both bourses at once. Whether the retreat continues or stabilizes in the sessions ahead is the open question for gauging how much leverage remains in the system.