No matter where they trade, things are looking pretty bad for Chinese equities.
(Bloomberg) — No matter where they trade, things are looking pretty bad for Chinese equities.
While a gauge of the nation’s shares listed in Hong Kong is heading for a bear market, the Nasdaq Golden Dragon China Index in the US is trailing the S&P 500 by more than 17 percentage points this quarter. That’s set to be its worst performance since the end of 2021, when Chinese regulators asked Didi Global Inc. delist from US bourses, renewing worries over their crackdown on the tech sector.
Cut to present, China’s waning economic recovery, the yuan’s weakness and geopolitical tensions with the US have become a source of frustration for those who issued bullish calls in the wake of the nation’s reopening. Some are already stepping back after the CSI 300 Index — a benchmark of onshore Chinese stocks — wiped out all its gains for the year last week.
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