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Mainland China's heavy-handed intervention in its stock market raised plenty of eyebrows in the financial community this week and damages the credibility of its broader efforts to become a more open market. (Tweet This)

In reaction to the roughly 30 percent plunge in mainland shares from their June highs, the Chinese government stepped in with a slew of policy changes, including a virtual ban on short-selling, serious restrictions on selling by major shareholders and the loosening of margin lending regulations.

Mainland stocks, known as A-shares, rallied late in the week, with the rising more than 10 percent Thursday and Friday, for its best two-day gain in six years. But the reversal comes amid suspended trade in about half of Chinese stocks that hit excessively low levels.