China’s Shanghai and Shenzhen equity markets ended a dismal year between 7% and 11% down on the year, drifting lower in the second half of the year as the property sector decline hit consumer sentiment and the wider economy. The offshore yuan fell 6% versus the dollar by mid-year, as traders looked for much need interest rate cuts, but rallied to end the year down 3%. While China isn’t back to its previous strong economic growth rates, there are signs of recovery, with forecasts for 2024 anticipating 5%-plus GDP growth and an end to deflation as property sector debts are resolved.