By Summer Zhen and Rae Wee HONG KONG/SINGAPORE (Reuters) - Investor negativity on China is showing signs of shifting as money managers stop or slow ...
By Summer Zhen and Rae Wee HONG KONG/SINGAPORE - Investor negativity on China is showing signs of shifting as money managers stop or slow cuts to their exposure, even if they see a durableBy Summer Zhen and Rae Wee
"While the overall picture is grim, bearishness around Chinese equities may have reached a local peak and we therefore are refraining from cutting our exposure," said Dong Chen, head of Asia macroeconomic research at Pictet Wealth Management. "The supportive policy tone has been seen as mildly positive. Officials recognise the problems in the economy and are ready to step up support further, but still not at the cost of worsening China's structural imbalances."The encouraging signs haven't moved managers into buying, or drawn global capital, but they are being noticed and many are taking a patient wait-and-see approach rather than deciding to pull more funds out.
"It's very difficult for our clients to trade short term and time the market," said Jasmine Duan, investment strategist at RBC Investment Services . "China remains investible but the recent measures fall well short of investor expectations, they don't change anything in my view," he said, referring to the stimulus steps rolled out by Beijing to shore up its economy.
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