Northbound Stock Connect Flows Not As Elevated As Earlier This Month

Note that daily northbound flows via the HK-China Stock Connect scheme stood at ~CNY9.8bn on Tuesday, as speculation surrounding the potential for a tweak of China’s ZCS did the rounds ahead of the ongoing press conference from the country’s health authorities re: COVID. This equates to the 14^th largest round of net daily inflows into mainland Chinese stocks via the mechanism in YtD terms, but is somewhat shy of the ~CNY16.6bn of net inflows seen at the peak of the Chinese ZCS pivot speculation earlier this month (which represented the YtD high and 10^th largest round of net daily inflow on record, going back to June ’16).