Bank of America warns the latest surge in Chinese equities is unlikely to replicate last year’s explosive rally, when the CSI 300 Index jumped more than 30% in just weeks on a wave of stimulus-fuelled optimism. The benchmark has risen about 12% since early August to near a three-year high, but further gains may be capped as positioning is already “quite bullish,” says Lars Naeckter, head of Asia Pacific equity-derivatives research.
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