, Columnist
The $15 Billion ‘Snowballs’ That Sour China’s Rich
The nation’s wealthy still want to do wealth management; just not in China. Even derivatives that bet on range-bound stock indices led to heavy losses.
This year is off to a bad start.
Photographer: Kevin Frayer/Getty Images
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How low can it go? China’s $9 trillion stock market seems unresponsive to any good news these days, even as private survey data show a fragile recovery in the manufacturing sector and the central bank ramps up financing for the troubled housing market.
Alarmed by the bearish sentiment that is enveloping the wealth management industry, state-owned investment banks such as China International Capital Corp. in recent days rushed out reports vouching for the mainland market’s long-term potential.