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We always emphasized the risks of Hong Kong stocks last week, but the market trend was good at the time, and there were favorable incentives such as Blinken's visit to China and the RMB counter. Now everything is back to its original tone:
1. Liquidity is essential to the capital market. The anchor to the liquidity of Hong Kong stocks is the RMB offshore interest rate, which is behind the mainland economy;
2. Although the RMB counter has many favorable liquidity incentives, we still need to know that this counter only targets the “offshore yuan”. The latter is also extremely susceptible to market fluctuations. The characterization of Hong Kong stocks as dollar-priced assets has not changed as a result;
3. Next, let's look at the effects of the mainland's new round of stimulus, focusing on 10-year treasury bond yields
1. Liquidity is essential to the capital market. The anchor to the liquidity of Hong Kong stocks is the RMB offshore interest rate, which is behind the mainland economy;
2. Although the RMB counter has many favorable liquidity incentives, we still need to know that this counter only targets the “offshore yuan”. The latter is also extremely susceptible to market fluctuations. The characterization of Hong Kong stocks as dollar-priced assets has not changed as a result;
3. Next, let's look at the effects of the mainland's new round of stimulus, focusing on 10-year treasury bond yields
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