Hedge funds do an about-face on the China trade, selling stocks in record numbers

Hedge funds that recently flocked into Chinese stocks on stimulus hopes just did a 180. Professional traders posted the largest single-day net selling of Chinese securities, both onshore and offshore, on Tuesday, according to Goldman Sachs' prime brokerage data. The net selling was 1.4 times larger than the previous record, Goldman said.

" Hedge funds had only just piled into the developing market at a record pace one week before , as Beijing's rare stimulus blitz unleashed newfound optimism. The excitement was underscored by hedge fund manager David Tepper of Appaloosa Management, who told CNBC he was buying "everything" related to China because of the latest government support.

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