Next Friday, Feb. 12, 2021, the “Year of the Rat” will come to an end in China and will be replaced by the “Year of the Ox. For stock investors, the Year of the Rat was a reason to rejoice: The CSI-300 index rose by 53 percent; the Shanghai Composite Index gained 32 percent.
Last year of the Ox also started in an economic crisis
Although it will be difficult to repeat such a performance in the Year of the Ox, this is not out of the question. The last Ox Year also began in 2009 in the middle of a critical period for the global economy, the world financial crisis. Nevertheless, the Shanghai Composite Index rose by 29 percent at that time, and the CSI-300 Index by as much as 43 percent.
China’s banks set a record for lending in January
The starting conditions for the Year of the Ox – considered very industrious in Chinese mythology – are good. China’s banks set a record in lending in January, the renminbi climbed to a 33-month high against the U.S. dollar, and analysts expect the Chinese economy to grow by up to ten percent in calendar year 2021.
Good conditions for a strong year, which will be followed by the “Year of the Tiger” on February 1, 2022.
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