China propping up stocks isn't stopping the outflows
Business Insider report that foreign investors took $2.9bn out of Chinese stocks over the past week. That adds onto the $5.6bn off selling they did last week, according to the ANZ/EPRF flow report
As you can imagine it's been a bit whacky of late, as the ANZ flow chart shows
China flows
The money isn't all leaving Chinese shores as overseas investors were net buyers of Chinese bonds totalling around $300m over the last week
The Shanghai comp finished down 1.29% today, though +2.87% on the week and is up 24% from the July lows. While it broke back above the 4100 mark it hasn't managed to cement a gain above it
Shanghai comp daily
Hong Kong's Hang Seng has also managed to grab over a 12% rise from the lows but finishes the week -1.13%
What this data does show is that investors are not buying (pun intended) the Chinese intervention. They smell trouble and they're taking their money out of the game. That still leaves the Chinese a battle to fight but it's one they seem to be winning. At worst it's giving investors better levels to bail at and they won't look that gift horse in the mouth
