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The latest weekly data released by EPFR, a global fund flow monitoring agency, shows that the inflow of funds from Chinese stock funds has driven the emerging market stock funds tracked by EPFR to inflow funds again in the first week of August, which is also the 10th consecutive week of inflows into Chinese stock funds. EPFR said that the latest funds flowing into Chinese stock funds have brought their total inflows so far this year to more than $75 billion. In the same period last year, these funds absorbed a net of about $50 billion.

Last week, the Japanese and U.S. stock markets experienced sharp fluctuations. Sunil Tirumalai, chief strategist for global emerging market equities at UBS, published an emerging market equity strategy, saying that a series of global macro events jointly triggered the sell-off, including the market's increased concerns about a U.S. recession after the release of weak employment data, mixed feedback on technology stocks' performance, increased geopolitical tensions, and the possible exit of yen carry trades after the Bank of Japan's decision to raise interest rates.

Sunil Thirumalai believes that emerging market earnings are less sensitive to the slowdown in the US economy, and the Chinese stock market is relatively defensive against the backdrop of multiple global macro risks that have emerged recently. (Shanghai Securities News)