(Bloomberg) -- A top-performing Chinese macro hedge fund blamed global capital for sinking the country’s stocks to the lowest levels since November.Most Read from BloombergBorrowers With $39 Billion in Student Loans Finally See ReliefMusk Told Pentagon He Spoke to Putin Directly, New Yorker SaysNasdaq 100 Climbs 1% as Tech Powers Stock Rebound: Markets WrapQuant Trader Doubles Fortune to $11 Billion as XTX Profit SurgesForeign funds are primary drivers of Chinese stocks’ recent selloff, said Li
Foreign funds are primary drivers of Chinese stocks’ recent selloff, said Li Bei, founder of Shanghai Banxia Investment Management Center. Overseas investors stirred up market volatility and, “taken together, they are a bunch of aimless flies,” she said in an article posted on social media platform WeChat.
Foreign investors had loaded up on mainland Chinese stocks following the Politburo’s pro-growth policy statement last month, but that buying spree proved fleeting. As of Monday, overseas funds had sold A-shares on a net basis via trading links for 11 straight sessions, a record selling streak since Bloomberg began tracking the data in December 2016.
This isn’t the first time Shanghai Banxia Investment has pushed back against negative market sentiment. Last month, the firm joined a major lender and the state media in dismissing a bearish research report on Chinese banks by Goldman Sachs Group Inc.Buying Opportunity
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