China's volatile stock market is taking shareholders on a white-knuckle ride, threatening to drive out the small investors Beijing hopes will help pay for reforms of state industry.
After falling 6.1 percent on Tuesday, the market benchmark declined another 5 percent on Wednesday before rebounding in the final minutes of trading to close up 1.2 percent.
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Beijing's multibillion-dollar intervention over the past month helped to stop a slide in prices. But authorities say they will avoid taking action every day, which could allow wide daily swings in a market filled with rumors and anxiety.
Zhang Yang, a market strategist for Sinolink Securities, said, "Maybe sharp volatility is becoming the new normal."