Investors return to Chinese stocks after sell-off triggered by Covid and geopolitics
全球投资者重返中国股市
Global investors are returning to China’s stock markets after a widespread sell-off earlier this year triggered by draconian Covid-19 restrictions, the geopolitical implications of Russia’s war in Ukraine and the lingering effects of regulatory crackdowns.
全球投资者正在重返中国股市，此前中国股市在今年早些时候遭遇一轮广泛的抛售，触发因素是严厉的新冠防疫限制措施、俄罗斯入侵乌克兰的地缘政治影响，以及监管整顿的余波。
The country’s CSI 300 stocks index started 2022 with the worst quarterly drop since the popping of a debt-fuelled bubble seven years ago in Shanghai. It kept falling from there to leave it down 17 per cent this year, outstripping declines on other major national stocks benchmarks. Global investors have pulled out billions of dollars a month.
中国的沪深300指数(CSI 300)在2022年开局不顺，录得自七年前那场债务助燃的股灾以来最糟糕的季度跌幅。此后这一基准股指进一步下跌，今年迄今累计下跌17%，超出其他主要国家股市基准的跌幅。全球投资者每月从中国撤出数十亿美元。
But now some international money managers are betting that the worst is over. Offshore investors using Hong Kong’s Stock Connect trading scheme have bought a net Rmb28bn ($4.2bn) of mainland Chinese equities over the past week. That still leaves total holdings down from their January peak, but also comes as the CSI 300 has gained almost 9 per cent since the low point in April.
但现在一些国际基金经理在赌最糟糕的时期已经过去。过去一周，境外投资者利用“沪深港通”计划净买入280亿元人民币（合42亿美元）的中国内地股票。这类投资者的总持股量仍然低于1月达到的峰值，但他们重返中国股市之际，沪深300指数从4月的低点回升近9%。
