Set for meltdown?

Cover story

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Earlier this year, the authorities in China put an approval limit of 1 billion renminbi ($128 million) on the size of new equity funds, just one of a series of attempts to cool the Shanghai and Shenzhen stock markets. Asset managers say these types of funds sell out within an hour of their launch due to the strength of investor demand. At the same time, individuals are opening more and more accounts to trade stocks. Retail investors opened four million new accounts in March and another five