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Foreign capital flees China market as local investors eye rebound

Hopes that Beijing will drop strict COVID curbs spur recovery bets

HONG KONG -- Foreign investors are pulling the plug on China and Hong Kong-listed stocks despite a recent rally, but their mainland counterparts are betting on a sharp rebound driven by easing COVID curbs.

Underscoring the sharp divide, international investors sold 68.5 billion yuan ($9.45 billion) worth of shares in the two months to the end of October, with the selling keeping pace in November, according to market data. So far this year, global investors have withdrawn a net 9.6 billion yuan from Chinese stocks, in a marked reversal of net capital injections during previous years.

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