Why is China SHCOMP rallying when China is having bank runs?

bloomberg.com/news/articles/2020-07-06/china-imposes-checks-on-large-transactions-after-bank-runs

China financial system is having tremors, Hong Kong clampdown, India border clash, chest beating in the South China Sea, rhetorical tensions ramped with "China Flu" dogwhistles. S&P follows SHCOMP's lead to a very impressively green Monday. But what on earth is going on over there? And don't get me wrong, I know what you're going to say - "The fundamentals don't matter" right? It's all just driven by central bank liquidity? Well, (A) I'm not convinced the FED has that tight of control over the world/US economy in the first place (though they don't hurt), but more importantly (B) when it comes to the PBOC and the Chinese banking system... I'd argue you're quite right, and all the more reason to keep our eye on the ball when something is afoot.

Not sure what's going on but I'm monitoring the situation closely. Trading-wise, I honestly want to be short SHCOMP given the many issues but if I were actually putting money on it I'd long it.

I think of it more as a macroeconomic / market climate indicator. EM rally == risk off. Doesn't matter if it's the tail wagging the dog in this case either if people get caught up in the tape and start the buying like they did here today (Monday 7/6).