Global fund managers are becoming increasingly nervous over the durability of the rally in Chinese equities, with one-in-five of the view that it has become the market’s “most crowded trade.”
Allocations by global fund managers to emerging market equities, including China, increased for a third month in succession in February, according to a widely-watched Bank of America monthly survey which canvassed the views of 262 participants who oversee combined assets of $763bn.
Chinese blue-chip stocks in Shanghai have risen 14 per cent since the start of November as investors warmed to President Xi Jinping’s decision to drop its economically disruptive zero-Covid policy.
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