Market-boosting playbook 'obsolete'

Bank of America Corp strategist David Cui has a laundry list of support measures that China's government might deploy to fight the steepest stock market rout since 1996.

It could halt initial public offerings, encourage insurers to buy shares, ease access to margin financing, reduce stamp duties or cut lending rates - just to name a few.

The problem for bulls, Cui said, is that none of those measures are likely to spark a sustained rally at a time when margin traders are unwinding a record buildup of leveraged bets. His year-end target for the Shanghai Composite Index implies a drop of 11 percent from Monday's close.