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NOTHING IS PERMANENT EXCEPT CHANGE

Strategists across the board have been blindsided by China’s financial markets this year, where extreme moves mean the nation has hosted both the world’s best and worst performing assets all at once. The Shanghai Composite Index is now 16 percent below December’s year-end targets, the 10-year bond yields 108 basis points less than forecast, and the currency is already stronger than almost all analysts had predicted.