Net selling by global ETFs and mutual funds dedicated to investing in equities in China was larger in March than in any other month on record according to EPFR Global. This presumably reflected growing concerns about the health of the world’s second largest economy and the weakening of the renminbi, which may have caused concerns about fx-related losses on unhedged exposure. However, investors were more upbeat about some (though not all) of the rest of Emerging Asia, with significant net purchases of equities by funds dedicated to investing in Indonesia, Thailand and India.
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