‘Frustrated and Angry,’ Global Funds Worry About Xi’s New China
- Hang Seng China Index fell 7.3% on Monday, most since 2008
- Overseas funds sold a record $2.5 billion of mainland shares
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Xi Jinping’s tightening grip on power is testing the resolve of investors in China.
Those departing wiped out a staggering $447 billion the day after Xi broke China’s collective leadership, driving fears over the nation’s future growth model to a fever pitch. International money managers are “frustrated and angry,” according to Bank of America.