Rating sovereign credit

CHINA FINANCIAL - Report 01 Jul 2015 by Michael Pettis
Special points to highlight in this issue: The recent turmoil in China’s stock markets have changed the mood among investors who expected, perhaps foolishly, that they would have a chance to get out quickly at the first sign of trouble. It is hard to say what impact this will have on investor psychology over the long term, but speculative markets, and China’s stock markets are clearly speculative, are driven only by expected price changes, and not by changes in underlying fundamentals.I suspect that liquidity-related policies will not bring the bull market back. Only real buyers who are lar...

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