BofA Says State Funds Drive Biggest-Ever China Stock Inflows
- Nearly $20 billion rushed into China shares during last week
- Officials ramp up market intervention to stem stock rout
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Funds tracking the topsy-turvy Chinese stock market just recorded their biggest-ever weekly inflows, according to Bank of America Corp. strategists.
A record $19.8 billion poured into funds focused on Chinese stocks in the week through Feb. 7, a splurge likely driven by state-backed investors, a BofA team led by Michael Hartnett wrote in a note Friday. That accounted for almost all of the $20.8 billion — an all-time-high — that flooded into emerging-market equities, the strategists said, citing EPFR Global data.