Hedge fund king turns bearish on China

Singapore

THE world's biggest hedge fund manager has done a U-turn on China.

In the aftermath of the stock market rout which saw the Shanghai A stock index plummet more than 30 per cent in the three weeks to July 9, Ray Dalio, chief executive officer of Bridgewater Associates, wrote in a letter this week to clients: "our views on China have changed . . . There are no safe places to invest."