FWIW
I wouldn't be suprised to see some more weakness from both the Heng Seng and Shanghai (short term and after the Olympics of course. The Chinese govt have asked that no information be released prior to the Olymics that will cause 'concerns about the Chinese economy').
The Chinese are still playing down the hot money and inflation risks to the economy. And they've got a very difficult path to tread - tame inflation whilst keeping growth going in an environment of global economic uncertainty and instability.
ATM the Politburo seems more concerned about slowing growth than dealing with rising inflation (sound familiar...) and China has a strong fiscal position (it ran a surplus in 07) and has the largest current account surplus of the major economies.
China can support its growth by taking policy steps to support domestic demand, rather than support its growth by slowing the pace of RMB appreciation to support its exports.... Whatever decision is made - it will no doubt be reflected in the Heng Seng and Shanghai...and if they do support domestic demand (and I think they will) then the de-coupling debate will resume with gusto LOL
:)
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