About six months ago, the China Economic Review started the Red Dragon Fund, an A-share only fund with a 10,000 rmb investment. The fund value, details to be published the next issue of the Review available on March 1, is back in the black – over 10,000 rmb – after spending some time in the red. Another person I know who has a strong belief in the upward potential of the A-share market, invested in a mutual fund last month, and is currently in negative territory. Shares are dangerous things to play with. But overall, I remain of the view that the Shanghai market has passed its low point. There is a clear determination on the part of the authorities to clean up the market, solve the unlisted share problem, allow for a gradual appreciation in the rmb, raise corporate governance levels and provide more access to more foreign funds. The future is bright for the Red Dragon Fund. Famous last words?
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