By Daily Crux Editor Justin Brill:
Emerging-market stocks rose again today, pushing the MSCI Emerging Markets Index to new highs and a 56% total gain for the year. The index is now valued at 19.9 times reported earnings, its most expensive level since June 29, 2000, according to data from Bloomberg.
Even Chinese banks, which lent a combined $1.1 trillion so far this year, have begun to question the sustainability of the move. Bank of China Ltd. Vice President Zhu Min said the bank sees "asset bubbles in commodities, stocks, and real estate, not only in China, but everywhere."
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