Shanghai equities roar as China floats QE-lite

``China is drafting plans for bond purchases to boost liquidity and shore up the country's $2.6 trillion edifice of local government debt, becoming last of the world's big economic powers to resort to quantitative easing... The PBOC appears to be stepping in to help local governments as they struggle to find market buyers under a new debt-swap regime, a reform pushed through earlier this year to clamp down on regional finances... It is not stimulus as such but that has not stopped investors reacting with euphoria, stoking further excesses in a market already in the thrall of dangerous speculation.''