August 27, 2025 09:00 PM GMT China Equity Strategy | Asia Pacific China Free Liquidity vs. MSCI China YoY Change Key Takeaways Exhibit 1: MS China Free Liquidity Indicator vs. MSCI China YoY % – Free liquidity rose further in July after turning positive in June -30 -20 -10 0 10 20 30 -200 -150 -100 -50 0 50 100 150 200 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 MSCI China, YoY Chg% China Fre ...