Exchange traded funds linked to China’s equity market underwent extreme stress testing last week after trading was halted on more than half of companies listed on the country’s two main stock exchanges.
ETFs tracking Chinese stocks had a record weekly inflow of $13.5bn, according to figures from EPFR, the data provider. This led one broker to suggest the authorities in Beijing were using ETFs as part of the barrage of support measures aimed at stabilising the equity market.
Bank of America Merrill Lynch said the concentration of inflows into locally listed A-share ETFs “signal market support measures rather than private sector demand”.
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