China bulls clawed back Tuesday as Chinese equities trimmed most of their session losses, CNBC's Jim Cramer said.
"The government let the market come in really bad … then they jammed it up plus 1 percent, then they let the sellers come in and stabilize it. It's kind of a victory for the bulls because it didn't finish down 4 percent," Cramer said on "Squawk on the Street."The Shanghai composite traded down as much as 5.1 percent overnight before ending down 1.68 percent. The move came a day after the index plunged 8.48 percent.
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"I continue to believe that, in this great bear market that is China, the government will be able to stabilize the rate of decline, and that was a victory for the bulls and that's why the market rallied," Cramer said.
U.S. stocks seemed to brush off the volatile Chinese trading session, opening higher.