Chinese investors are moving more money abroad, with outflows via two key channels accelerating this year. Banks launched 144 WMPs in foreign currencies Jan-April, +177% y/y. Some 26 QDII funds were issued through June 13, on track for a half-year record.

China's central bank cut one of its policy rates today and is likely to cut another one on Thursday. The PBOC is being more proactive on stimulus, so where are the animal spirits? I wrote about why it's so hard to lift sentiment in China's stock market

And they're right. The CSI 300 Index has been in a bear market since early 2022. That means China's mainland stocks didn't actually *formally* enter a bull market during the whole reopening trade

I wrote about how China’s government is once again attempting to cultivate a ‘slow’ bull market in stocks

There's no quick fix for China's property market, say Goldman economists, who predict an L-shaped recovery. The sector faces persistent weakness that will be a drag on GDP growth for at least the next decade, they say (see chart)

Farewell, High West! Strava tells me I’ve run up this hill 26x since downloading the app. Here’s to the last one in a long while

Fatal heat. Heatwaves kill livestock across the country and stretch power grids, posing a serious risk to farming and industrial activity. Electricity demand is already at peak levels and air conditioner sales have almost doubled from last year. 10/10

Pensions pot. Amundi is doubling down on its Greater China businesses, planning to increase assets to $250 billion in the area by 2025. Europe’s biggest money manager says China's fledgling pension market will be key to that growth. 9/10

Not so hawkish. More Europeans consider China a key economic partner than those who see it as a rival, according to an April survey of 16,168 adults. The majority of respondents say they'd wish to stay out of a US-China conflict over Taiwan. 8/10

A handshake. US and Chinese defense chiefs shake hands at a forum in Singapore. While the two sides trade barbs over Taiwan, they’re at least increasing efforts to restore top-level dialog. US Secretary of State Blinken is planning a Beijing visit. 6/10

Sequoia splits. The VC giant will form three separate entities: India, China and the US. Sequoia began its Chinese investing project in 2005, a warmer era for US-China relations. It's a backer of TikTok parent ByteDance - under scrutiny in Washington. 7/10

More autos. China launches a 6-month campaign to encourage people to buy cars and spur electric vehicle adoption in rural areas. The push includes credit support for car purchases as well as subsidies and discounts (especially on EVs). 4/10

Curbing risks. Top regulators commit to opening up China’s financial sector and say ''quality'' foreign investment is welcome. Authorities will also work hard to prevent the build up of systemic risks, they say at a forum in Shanghai. 5/10

Stimulus lite. China says some lenders can lower the yields offered on deposits, making it less attractive for savers to park their cash. Low interest rates are squeezing profits at banks, who are tasked with lending more to consumers and corporates. 3/10

All of this happened in China this week. A thread🧵1/10

Recovery stalls. Exports sink a worse-than-expected 7.5% in May and factory prices fall for an eighth month. More stimulus is in the works to support the property market and help banks, though Beijing appears reluctant to roll out bigger measures. 2/10

Fatal heat. Heatwaves kill livestock across the country and stretch power grids, posing a serious risk to farming and industrial activity. Electricity demand is already at peak levels and air conditioner sales have almost doubled from last year. 10/10

Not so hawkish. More Europeans consider China a key economic partner than those who see it as a rival, according to an April survey of 16,168 adults. The majority of respondents say they'd wish to stay out of a US-China conflict over Taiwan. 8/10

Pensions pot. Amundi is doubling down on its Greater China businesses, planning to increase assets to $250 billion in the area by 2025. Europe’s biggest money manager says China's fledgling pension market will be key to that growth. 9/10

Sequoia splits. The VC giant will form three separate entities: India, China and US. Sequoia began its Chinese investing project in 2005, a warmer era for US-China relations. It's a backer of TikTok parent ByteDance - under scrutiny in Washington. 7/10

A handshake. US and Chinese defense chiefs shake hands at a forum in Singapore. While the two sides trade barbs over Taiwan, they’re at least increasing efforts to restore top-level dialog. US Secretary of State Blinken is planning a Beijing visit. 6/10

More autos. China launches a 6-month campaign to encourage people to buy cars and spur electric vehicle adoption in rural areas. The push includes credit support for car purchases as well as subsidies and discounts - especially on EVs. 4/10

Curbing risks. Top regulators commit to opening up China’s financial sector and say ''quality'' foreign investment is welcome. Authorities will also work hard to prevent the build up of systemic risks, they say at a forum in Shanghai. 5/10

Stimulus lite. China says some lenders can lower the yields offered on deposits, making it less attractive for savers to park their cash. Low interest rates are squeezing profits at banks, who are tasked with lending more to consumers and corporates. 3/10

Recovery stalls. Exports sink a worse-than-expected 7.5% in May and factory prices fall for an eighth month. More stimulus is in the works to support the property market and help banks, though Beijing appears reluctant to roll out bigger measures. 2/10