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Policy initiatives and sector rebounds
In November, the Chinese equity market showed significant volatility, with a pattern of early gains followed by a pullback. Small-cap stocks continued to outperform large-cap stocks. The MSCI China, MSCI China A Onshore and MSCI China All Share Indices declined by 4.5%, 1.5%, and 3.3%, respectively. Although the market was down overall, there were some positive sectors including banks, other financials and telecommunications.
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