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外資對中國市場的態(tài)度不一。巴倫周刊刊發(fā)文章指出，近期中國政府對科技和教培公司的整治對股市構(gòu)成沉重打擊，明晟中國市場指數(shù)從2月份高點(diǎn)下跌了30%。海外投資人還擔(dān)心中美關(guān)系可能在未來6-12個(gè)月對股市構(gòu)成更大風(fēng)險(xiǎn)。中國政府有可能出臺的不可靠實(shí)體清單會進(jìn)一步惡化中美關(guān)系。鑒于中美關(guān)系不確定性以及對中國政府有可能出臺更多打擊個(gè)別行業(yè)的政策，外資在衡量股價(jià)的安全邊際是多少。瑞銀全球財(cái)富管理部門的首席策略師認(rèn)為機(jī)構(gòu)投資者在評估當(dāng)前中國政府對科技和教培行業(yè)的政策風(fēng)險(xiǎn)，這可能會需要幾周的時(shí)間。他傾向認(rèn)為機(jī)構(gòu)投資者在評估結(jié)束后會清倉中國股票，因而股市仍有下行風(fēng)險(xiǎn)，當(dāng)前并不是抄底的好時(shí)機(jī)。但是需關(guān)注下面三種情況是否能夠推動股市上行。一個(gè)是7月底的政治局經(jīng)濟(jì)工作會議；第二個(gè)是如果中國經(jīng)濟(jì)增速放慢，則政府可能會轉(zhuǎn)而刺激經(jīng)濟(jì)，政策風(fēng)險(xiǎn)將會降低；第三個(gè)是中美關(guān)系能否短期內(nèi)大幅改善。摩根大通私人銀行的策略分析師相對更看好A股，因?yàn)锳股沒有互聯(lián)網(wǎng)平臺公司上市，而且外資持股比例相對較低，外資流出的沖擊相對較小。他認(rèn)為碳中和中國本地化的政策取向會使A股上市公司受益。摩根大通還將中國政府與韓國政府從1980年打擊課外培訓(xùn)進(jìn)行對比。因?yàn)檠a(bǔ)課需求仍然存在，之后韓國政府放松了相關(guān)的政策。當(dāng)前無法預(yù)知中國政策的下一步走向。隨著A股和港股市場的大跌，人民幣和港幣匯率都大幅回落。人民幣兌美元匯率截止周二亞洲交易時(shí)間收盤較上周五下跌1%，周三有所恢復(fù)。港幣兌美元匯率也下跌到4月以來的新低--7.7849。瑞穗銀行認(rèn)為人民幣匯率將會在雙向波動中趨勢走軟。據(jù)彭博社報(bào)道，中國證監(jiān)會周三召集國際投行中國區(qū)負(fù)責(zé)人開會，傳達(dá)針對教培和互聯(lián)網(wǎng)平臺的政策不會外溢到其他行業(yè)。中國資本市場是全球資本市場的有機(jī)組成部分，中國不會尋求與全球資本市場脫鉤，特別是與美國市場。

港股反彈，A股小幅下跌。港股前期備受打擊的醫(yī)藥、教培、物業(yè)管理板塊大幅反彈。A股申萬28個(gè)行業(yè)中6個(gè)上漲，醫(yī)藥、食品飲料、銀行板塊漲幅領(lǐng)先。美聯(lián)儲7月議息會議結(jié)束，美聯(lián)儲主席鮑威爾認(rèn)為經(jīng)濟(jì)復(fù)蘇強(qiáng)勁，但還沒到削減債券購買的時(shí)候。美股漲跌不一，納指上漲，道指和標(biāo)普500小幅回落。

International investors view China stock market differently. Barron’s published an article, in which it said that international investors were cautious about China’s stocks after MSCI China Indexfell 30% from the high reached in Feb. this year. Investors also worry that tensions between China and the US might put another dent to the stock market in 6-12 months. They also worry that the unreliable entity list that Chinese government might bring up could hurt the capital markets further. The UBS Wealth Management Chief Investment Officer thought that international investors are in the process of valuing Chinese stocks under the new circumstances. But he believed that they might liquidate Chinese stocks after the evaluation and it is not the time to bottom-fish Chinese stocks. He also mentioned three catalysts for a good run of Chinese stocks. The first is the political bureau meeting at the end of July. The second is that if Chinese economy slows down the policy focus would shift to boost economic growth. The third is that the significant improvement of the Sino-US relationship. JP Morgan viewed Chinese stocks differently from UBS. It thought A-share would perform better than HK stocks as there are no platform internet companies listing in A-share and that A-share is less exposed to international funds. China's decarbonization and localization policy would benefit onshore market. With RMB and HK$ to US dollar depreciating,Mizuho Bank predicted that RMB would continue depreciation though in a volatile mode in the future. Bloomberg reported that Chinese Securities Regulatory Committee held a virtual meeting with major international banks on Wednesday. The key takeaways are that policies targeted education, property, fintech and anti-trust are for a brighter future of China. China is well aware that Chinese capital markets are integrally tied into global markets and none of the policies are meant to decouple from global markets, particularly the US markets.

HK stocks rebounded strongly while A-share fell slightly.The sectors falling sharply including tutoring and healthcare led the rebound. 

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