China’s stock market has gone from global leader to laggard in the first three months of 2021, as expectations of tighter monetary policy spurred by an economic recovery from Covid-19 sap appetite for shares.
The CSI 300 index of Shanghai- and Shenzhen-listed stocks has dropped more than 5 per cent since new year, in contrast with a rally in the US where shares have touched new highs. The S&P 500 is up about 4 per cent this year, while London’s FTSE 100 has climbed 3 per cent.
For China, the performance marks a reversal from 2020 when the CSI 300 jumped 27 per cent, making it one of the world’s best-performing big markets.
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