EM Money Trail: Headline EM flows improve; China onshore flows accelerating higher

First-page research excerpt

J P M O R G A N

Global Markets Strategy

31 July 2026

EM Money Trail

Headline EM flows improve; China onshore flows

accelerating higher

EM equity fund flows picked up to +$2.2bn (+$1.9bn last week), staying net

positive through three weeks. Inflows were concentrated in ETFs at +$1.9bn. A

significant milestone was a small positive inflow into non-ETFs (+$242mn),

following a continuous sell-off since the start of the Middle East conflict. Among

regional funds, GEM posted +$2.1bn, of which +$476mn was via non-ETFs. Asia

ex-Japan flows were marginally negative (-$30mn, -$193mn last week). LatAm saw

inflows for the second week (+$76mn), continuing to recover from its nine weeks of

outflows. EMEA extended inflows into the fourth week (+$64mn). YTD, EM equity

funds are at +$54.1bn (ETFs: +$94.2bn; non-ETFs: -$40.1bn).

Emerging Markets Equity Strategy

While flows into onshore funds are excluded from our headline numbers, it is worth

highlighting that China onshore fund flows have inflected in the last four weeks: +

$16.1bn this week, +$65.2bn cumulative. Evidently, this is due to China’s national

team ETF purchases, which have stepped in to cushion the market. Our China equity

strategists note that the single-day inflows of these ETFs have yet to match the net

capital injection seen in the April 2025 episode. Total EM onshore flows were +

$21.9bn this week and +$86.6bn in the past four weeks.

(91-22) 6157-3248

J.P. Morgan India Private Limited

Rajiv Batra AC

(65) 6882-8151

J.P. Morgan Securities Singapore Private Limited

Emy Shayo Cherman AC

(55-11) 4950-6684

Banco J.P. Morgan S.A.

Anindita Gandhi AC

CEEMEA Equity Strategy

David Aserkoff, CFA

(44-20) 7134-5887

J.P. Morgan Securities plc

Market-level flows. Korea saw outflows of -$6.5bn, disrupting the recovery seen

over the last two weeks. Heavy sell-off continued in Taiwan for the sixth week ($4.7bn this week, -$32.8bn total). India flows dropped to -$625mn, following a sixweek inflows streak (+$3.2bn total). The three-week recovery in Brazil was also

halted with outflows of -$211mn this week. Thailand posted inflows for the fifth week

(+$105mn this week), Indonesia stayed positive for the second week (+$248mn), the

…