PremiumExcess Liquidity Will Have To Turn A Corner For China's Stock Market Surge To Be Sustained
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Authored by Simon White, Bloomberg macro strategist,
Money data out of China for September just released showed no major change in trend. The stock market rally will only be sustained if economic activity improves, which will be signaled by rising money growth.
Money data showed that M2 grew 6.8% on the year (versus 6.4% expected) and M1 contracted by 7.4%, slightly worse than the 7.2% expected.