Ｍａｒｋｅｔ Ｗａｔｃｈ

ＬＩＵ　ＹＵＮＹＵＮ

TO THE POINT: The global financial market turmoil has claimed ahandful of financial giants and taken its toll on emerging markets, in-cluding China. The countrys sovereign wealth fund managementcompany has been ill-fated since its establishment a year ago andhas lost billions of dollars because of the U.S. financial institution de-bacle. Domestic mutual funds have lost about one third of their valuesince early this year and show no signs of recovery. The governmentasked state-owned enterprises to reduce their investments in vola-tile capital markets to avoid further losses at a time when financing istight. The countrys trade surplus unexpectedly jumped in September,largely thanks to shrinking imports, although the level of exports re-mained stable from the previous month.