China CSI 300 Index Returns to 2019 Levels
Despite the improvement in the Caixin China General Service PMI, the Chinese market continues to face challenges.
In November 2023, the PMI increased to 51.5 from 50.4 in the previous month, marking the 11th consecutive month of growth in services activity and the fastest expansion since August. This growth occurred amidst reports of more robust market conditions.
Simultaneously, Moody's Investors Service adjusted the outlook for China's government credit ratings from "stable" to "negative". However, they affirmed China's A1 long-term local and foreign currency issuer ratings (Reuters).
According to reports from the Chinese press, an official meeting on the country's finances took place on October 30 and 31. Despite addressing risks associated with local government debt and the worsening real estate crisis, as well as the desire to revive economic activity, Chinese authorities appear to be navigating uncertain terrain.
CSI 300 - From 2019 to Today
CSI 300 Index consists of the 300 largest and most liquid A-share stocks. The Index aims to reflect the overall performance of China A-share market.
Chart source: https://www.csindex.com.cn/
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