Having always reflected jealously on the liquidity and transparency (cough, cough) of US capital markets, China decided this week to once again take a page from America's political playbook and unleash its own Plunge Protection Team.

The so-called 'National Team' stepped in after Beijing's crackdown on various sectors sparked carnage across China tech stocks, education stocks, and then the entire market (along with bonds and FX).

Chinese authorities told foreign brokerages not to "over-interpret" its latest regulatory crackdowns.

"This is more to calm the market to isolate the education industry and not to overinterpret it," said one of the people, who has knowledge of the meeting held by China Securities Regulatory Commission (CSRC) vice chairman Fang Xinghai.