China investors desperately seek market bottom


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HONG KONG, Nov 2 (Reuters Breakingviews) - Tuesday’s rally in China shares may have been based on rumour. But in offshore markets, the value discount on offer is so extreme it makes gambling on false hopes less risky than it might otherwise be. The Hang Seng Index (.HSI) closed up 5% on Tuesday after a post on Chinese social media purported to show Wang Huning, a key member of China’s cabinet-like Standing Committee and the country’s chief ideologist, had formed a “Reopening Committee” that would explore relaxing harsh lockdowns implemented under President Xi Jinping’s so-called dynamic zero-Covid policy. This has...