CNBC, By Fred Imbert | August 26th, 2015 (Read article)

The swoon in China’s equity markets has eroded confidence in Chinese officials’ ability to handle the latest financial crisis, Evercore Partners Founder Roger Altman said Wednesday.

Asian stocks closed mixed on Wednesday, with the Shanghai composite ending 1.3 percent lower despite an injection by China’s central bank of nearly $22 billion into the banking system. Japan’s Nikkei 225 closed up 3.2 percent, snapping a six-day losing streak. U.S. futures pointed to a sharply higher open.