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ANZ note that "escalating trade..........>

ASIA RATES: ANZ note that "escalating trade tensions between the US and China
led to further selling by foreign portfolio investors in June. Equity outflows
were broad-based for the second straight month. South Korean bonds benefitted
from safe haven demand, while aggressive rate hikes from Bank Indonesia could
not stop the bond outflows. Foreign demand for China bonds picked up despite
trade tensions. There are still no signs of a turnaround in flows over the early
part of July. With the US Federal Reserve set to tighten further and trade fears
remaining in the background, foreign investors are likely to remain cautious."
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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