What’s a ‘gray rhino’ and why did it cause Chinese stocks to drop?

Is this the new normal for Wall Street?

Many investors lose sleep over “black swans” — hard-to-predict events that cause chaos, like terror attacks or the bursting of the dot-com bubble.

Now authorities in China are being urged to watch for “gray rhinos” — obvious dangers that are often ignored anyway.

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The People’s Daily, a closely watched Community Party newspaper, warned in a front-page article on Monday that regulators “need to enhance the sense of urgency” to “prevent and resolve financial risks.”

“Both against the ‘black swan,’ but also against ‘gray rhinoceros,’ all kinds of risk signs cannot be taken lightly,” the paper said.

Don’t feel bad if you’ve never heard of a “gray rhino.” The…

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