China Bond ETFs Draw Over 2 Billion Yuan in Net Inflows Since October

The flows point to a structural bid for duration in China, not just a tactical trade, since institutions are adding fixed-income exposure even while flagging crowded high-duration positioning. That tension matters: the same policy expectations drawing money in — RRR and rate cuts, fiscal execution — are also the triggers that could make the crowded trade unwind sharply. For RWA and tokenization watchers, the read-through is that onshore bond demand is deepening, which shapes what kinds of fixed-income products eventually get wrapped. Whether the inflows persist once policy signals land is the open question.