True to form, Chinese stocks are once again confounding the bullish expectations of Wall Street.
Having tantalised investors with a mini-rally at the start of the year, the Shanghai Composite has tumbled since May and is now just 1.4 per cent higher than it started the year.
This is not how things were supposed to go – at least according to sell-side equity analysts. The narrative had been that the new head of China’s securities regulator would provide a much-needed boost to the market through his ambitious reform programme.
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