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1.Market Observations, 8.Was Sticky

11 Aug 2017 (AFR) – China’s markets show reforms starting to work

(11 August 2017, AFR, p31, by David Millhouse)

‘These are heady times in the markets for Chinese commodity futures and listed industrial shares. Large industry leaders such as Aluminum Corp of China Ltd, or Chalco as it’s known, have risen more than 50 percent recent months. Angang Steel is up some 30 percent in the same period. How sustainable this rally is will rest on success of China’s supply-side reform agenda. If implemented forcefully, it does have the potential to structurally improve the outlook for several cyclical industries, reduce pollution, and lower the risks of non-performing loans to the banking system.’

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