GSAM avoiding Chinese financial, energy stocks

Despite the recent bloodbath in Chinese stocks – Shanghai’s benchmark CSI 300 index fell almost 7% in a week in late June and is down 12% year-to-date – Goldman Sachs Asset Management remains optimistic about the mainland market. The consensus is that the sharp fall was largely down to China’s central bank raising interest rates in an effort to curb lending. The People’s Bank of China raised the Shanghai interbank offered rate (Shibor), the rate at which banks offer loans and Chin…