Margin balances in Shanghai and Shenzhen fall 14.5B yuan in one day

A single-session drop of this size in combined margin balances signals leveraged positions being trimmed rather than added, with Shenzhen accounting for the larger share of the decline. Because margin financing amplifies both moves and drawdowns, the pace of deleveraging matters more than the absolute level: it speaks to how much conviction remains among borrowed-money participants. Whether the contraction extends across subsequent sessions, or stabilizes near the current total, is the open question worth tracking.