It is not easy being a bear on China — at least, not this month. Data, events and even market moves are conspiring to complicate what, just a month ago, looked to be a relatively simple story. And yesterday the most hard-to-fudge part of the “sell China” case, namely rising capital outflows, also confounded forecasts by slowing sharply. Bears may shrug, but they should tread carefully, too.
賣空中國不容易——至少本月不容易。數據、事件甚至市場變動的共同作用，正使得一個月前看起來還相對簡單的故事複雜化。昨天，「賣空中國」理由中最難以矇混過關的部分——資本外流加劇——也證明預測並不準確；中國的資本外流已大幅放緩。賣空人士可能會對此聳聳肩，但他們也應該謹慎行事。
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