Macquarie Reiterates ‘Global China’ Strategy

China recently tightened capital controls. The moves, the strongest since the rising Asian giant introduced them in September 2015, are aimed to monitor outflows and manage the yuan. But they will, among other things, increase scrutiny of big-ticket foreign acquisitions. Regardless of the controls, and regardless of increased scrutiny of China’s acquisitions by global regulators, Macquarie is bullish on the growing internationalization of Chinese companies. Its “Eagle Picks”— China’s corporates spreading global wings – have risen 36% so far this year, outperforming MSCI China and CSI300 indices by 16% and 21%, respectively. Their ROE was double the average for China’s…