Breakingviews - This Chinese stock pop has firmer fundamentals

As of Tuesday, the benchmark CSI300 index had gained over 14% over the past six consecutive trading days. The immediate drivers look dubious at first glance. Similar to the rally in 2015 – which blew up spectacularly – China’s housing market is soft. Property sales by value have fallen by more than one-tenth year-on-year in the first five months of 2020, Rhodium estimates. Lacklustre returns are likely pushing speculative funds into shares.

On the positive side, margin loans outstanding, at around $170 billion, are still only around half what they were at the 2015 peak. And investors have some cause to be confident, especially if they believe the economy is turning around. The regulatory apparatus overseeing securities, banks and insurance has been integrated, while onerous rules governing listings and trading are being selectively liberalised across local bourses.

With U.S. politicians threatening to kick Chinese companies off New York exchanges, Beijing desperately needs a deep and liquid market that can finance firms with equity instead of debt, plus deliver long-term growth to insurance and pension funds. Slowing growth in property and shadow banking, which have funnelled money from stocks for decades, will help. But the real change will come when people feel confident enough to move more of the $12 trillion in personal deposits into stocks.

false boom.

Big bull market has come

Yeah, our stock market has made everybody else look like rational market.

en awe cum n mi sod

Fake Chinese Numbers ... don’t be so gullible !

how much money does the Chinese Propaganda Bureau pay you here to scam innocent investors?

'fundamentals'

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