I’ve got a China rally to sell you | opinion
China’s economy and markets have been labouring under the double burden of the zero-Covid policy and a slow-motion property crisis set off by official efforts to limit speculation and debt in real estate. November has brought some official hints that the government may want to lighten those two loads.
Speculation about these moves was circulating even before the news actually hit. Stock markets have bought both the rumour and the fact: We are therefore sympathetic to the view of Andrew Batson and Ernan Cui of Gavekal Research, who wrote this about the loosening of the Covid rules:
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