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The Wall Street Journal

Clouds, Crops, ‘The Rose of Time’: China Enjoys a Bull Market in Poetic Investor Letters

HONG KONG—After a roller-coaster few days in which Chinese stocks plunged and then staged a remarkable comeback, money managers in the country sought to calm the nerves of investors with poetic letters and notes of encouragement. “In the violent fluctuations, we feel the panic and suffering of our fundholders, but we believe that winter will eventually pass and the future belongs to the optimists,” wrote Bank of Communications Schroder Fund Management Co. in a Thursday letter to its investors. The mutual-fund manager is a joint venture between the Chinese state-owned bank and British money manager Schroders and has the equivalent of $87 billion in assets under management, according to data provider Wind.

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