Just looking to Chinese market volumes,.......>

CHINA: Just looking to Chinese market volumes, worth re-highlighting that the 4

day's through Monday saw mainland stocks' 4-day rolling turnover rate hit levels

not seen since Nov 2015, while Tuesday saw the daily mainland stock turnover hit

the highest levels seen since August 2015.

- Interesting to note that foreigners have withdrawn capital via the HK-China

Stock Connect programmes for 3 consecutive sessions, selling a net ~CNY14.66bn

worth of mainland shares over that time. Current flows point to 4th consecutive

day of net selling today, but that could of course change.

- Also worth noting that there has been a focus on the uptick in retail trading

in recent weeks, stemming from Coronavirus matters, while China's total margin

usage has hit levels not seen since early 2016.

- Elsewhere, CFETS CNY and cash bond trading volumes have recovered from their

post-LNY trough, but remain well shy of the recent highs, with both measures'

10-DMAs well below the recent norms.