This was supposed to be the year that China’s economy roared back to life and, in the process, turned the country’s stocks and bonds into must-buys for global investors once again. Ten months in, the reality is far different.
Chinese stocks are among the world’s worst performers, investors are yanking money out of the country at the fastest pace since 2015, and the renminbi is hovering around a 16-year low as a real estate crisis ripples through the economy and offsets the momentum gained from the long-awaited pandemic reopening.
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