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.
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.
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