Judging investors’ mood towards China can be a tricky exercise. If you assess the reaction to the landmark announcement of a direct trading link between exchanges in Shenzhen and Hong Kong that will for the first time allow international investors to bet on Chinese technology groups, it looks bearish. A week on from the news, Shenzhen and Shanghai markets are lower, while analysts’ views on Hong Kong Exchanges — which would be the biggest direct beneficiary of a planned link — are their gloomiest in more than three years.
判斷投資者對中國的情緒可能很難。如果你要評估投資者對里程碑式的“深港通”宣布開通的反應，他們似乎是看空的。深港通是深圳與香港兩地交易所之間的直接互聯互通，將使國際投資者首次可以直接投資中國科技企業。自消息公布一周以來，滬深股市持續走低，分析師對香港交易所的悲觀情緒達到三年多以來最高水平，而港交所將是深港通計劃最大的直接受益者。
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