[1/2] A view of the city skyline, ahead of the annual National People's Congress (NPC), in Shanghai, China February 24, 2022.
A global fund manager survey by BofA Securities showed shorting Chinese stocks was the second-most "crowded" trade in June, after going long on big tech.
"I can't believe that there is anymore bad news to absorb," said Andy Maynard, head of equities at China Renaissance.
Restoring confidence is looking increasingly like a long-term project and investors are positioning for a longer game and a slower rebound.
"We are all looking for something a bit more decisive in helping to restore animal spirits, investor confidence and market confidence, and I think that hope may be still at risk of being disappointed."
Persons:
Aly, Morgan Stanley, Hong, Dong Chen, Andy Maynard, Morgan, James Liu, Guan Yi, Summer Zhen, Jason Xue, Tom Westbrook, Jacqueline Wong
Organizations:
National People's Congress, REUTERS, BofA Securities, Pictet Wealth Management, China, Reuters, G Investments, Thomson
Locations:
Shanghai, China, HONG KONG, Beijing, Asia, Singapore, Hong Kong, Pacific