BEIJING: It’s been a bumpy year for China’s markets, considering all the turbulence in relations with the US. Still, the final results really aren’t bad.
The Shanghai Composite Index closed off its best year since 2014, boosted by a huge rally in the first few months, when the country’s major equity benchmarks entered a bull market. While the yuan was whipsawed at times by every twist and turn in the trade dispute, it’s only weakened about 1.4% the past 12 months. Sovereign bonds rose, but lagged bigger gains in government-bond markets elsewhere.
Despite the trade war, the Shanghai Composite Index rose 22% for its best performance in five years. Some of the excitement early in the year could be attributed to new chief securities regulator charming investors with his talk of reverence for the market. The launch of the new Star board in Shanghai was meant to be another highlight of 2019, but investors quickly lost interest in that venue.
The yuan’s wild year has ended almost right where it began. The currency is set to drop just 1.4% in 2019, which would be its smallest annual move in seven years.
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