China's Natty Team bought an est $32b in ETFs in April (they don't mess around, that's equiv of Fed buying $500b) to help prop of stock market during tariff beef (not to mention banning stock sales, they have so many levers we don't). Can tell from flows when their spree was, good stuff from @RebeccaSin_SK & @JackiWang17 who have been all over this topic.