Chinese stock rout accelerates as foreign investors sell out
Fall in Hong Kong and Chinese indices defies many Wall Street banks’ hopes of rebound after last year’s losses
A punishing sell-off for Chinese equities has worsened in recent days, as international investors who bet on a rebound lose faith that economic stimulus from Beijing is on the way.
The Hang Seng China Enterprises index, a closely followed gauge of large Chinese listings in Hong Kong, has dropped about 11 per cent so far this month after losing 14 per cent last year. The benchmark CSI 300 index for domestically traded stocks has shed more than 5 per cent, after taking into account the renminbi’s depreciation against the dollar.
涵盖在香港上市的内地大型企业、备受关注的恒生中国企业指数(Hang Seng China Enterprises index)继去年下跌14%以后，本月迄今下跌约11%。计入人民币兑美元的贬值，由内地上市企业构成的中国基准股指沪深300指数(CSI 300)本月已下跌逾5%。
The January downturn has confounded expectations from Wall Street banks including JPMorgan and Goldman Sachs that China’s stock market was primed for a recovery in 2024.
1月的下跌并不符合摩根大通(JPMorgan Chase)、高盛(Goldman Sachs)等华尔街银行关于中国股市在2024年将迎来复苏的预期。