There’s plenty of noise in the markets at the moment. Plenty of market manipulation (whether true or perceived!).

It reminds me of the time that Asia went through its own “learning lessons” in the 1990s. That’s just part and parcel of the capital markets.

But ultimately, valuations are what really drives stock market returns in the long run.

The below charts serve as a signpost to know where we are in terms of market valuations.
1 PetroChina

2 Industrial and Commercial Bank of China Ltd

3 Agricultural Bank of China Co Ltd

4 Bank of China

5 China Life Insurance

6 China Petroleum & Chemical Corporation

7 Ping An Insurance

8 China Merchant Ban

9 China Shenhua Energy

10 Citic

** Data from Thomson Reuters