熊市怪谁？

中国的熊市诱因恶化，影响超过川破征税

指责卖空中国股市等同于中美贸易战，但北京的问题，在一段时间里，早已显而易见，现在问题加剧。

早在川破针对中国强征数亿美元关税前，信贷紧缩中坚定挤出的滴答滴答的水份，以及平淡无奇的中国经济数据，为卖空打下了基础。

上证指数 两年来首次跌入熊市区间，在本周三再度下跌1.1%

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FT：

China’s bear market woes run deeper than Trump tariffs

Blame for the sell-off of China’s stock market has been levelled at the Sino-US trade war but Beijing’s problems have been evident for some time and run much deeper.

Long before US president Donald Trump imposed billions of dollars in tariffs against China, a steady drip of credit tightening and middling Chinese economic data underpinned the selling, with the tariff rhetoric just amplifying the gloom.

China’s key stock market index, the Shanghai Composite, has now tumbled into bear market territory for the first time in more than two years, falling another 1.1 per cent on Wednesday.