Investor sentiment towards China has undergone an extraordinary shift from exuberance to caution in just two weeks – but the swing may be overdone, says Jing Ulrich, managing director and chairman of China equities and commodities at JPMorgan.
“A fortnight ago, the mood among institutions could only be described as ‘maximum bullish’,” she says. “Now, investors have turned extremely wary given China’s move towards tightening and the forceful measures being employed to curb inflation.”
Ms Ulrich says talk of price controls recalls 2008, when China controlled food prices, capped coal costs and delayed power tariff adjustments.
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