Our View on Chinese Assets: May 2026

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Dear Baiguan Pro readers,Each month, we pair macro data and BigOne Lab’s proprietary indices with a structured, directional read on where Chinese assets stand and what we’re doing about it.If you haven’t upgraded yet, we’re offering a free upgrade to the Baiguan Pro tier for all existing paid subscribers through the end of Q2. Just reply with the email address associated with your subscription.Macro & Sentiment CheckOur macro indices suggest that the market has entered a consolidation phase after the strong breakout testing seen earlier in the spring.1. China Resident Risk Appetite Index (CRRAI)Following March’s push toward neutral territory (-0.08), the April 2026 CRRAI composite reading recorded a tactical pullback to -0.19. The index remains materially above the late-2025 floor, but April did not confirm a clean break into neutral territory.The China Resident Risk Appetite Index (CRRAI) is a comprehensive analytical tool designed not only to quantify the financial behavior and confidence of Chinese households but also to capture the broader macroeconomic, liquidity, credit, wealth-effect, and capital-market conditions that fundamentally shape household risk appetite. The recovery is still visible, but uneven: Capital Market Sentiment (+0.67) and Household Leverage & Credit Dynamics (+0.05) both remained in positive territory. This indicates that retail market psychology and balance-sheet momentum have not collapsed.The primary weakness stems from the Fundamental Bedrock dimension, which slipped to -0.57. This is the most important constraint because it represents the hou…