BREAKING: Trading turnover in 9 China ETFs favored by state-backed investors surged to $12.6 billion on Friday, its highest since July 20th and 2nd-highest since January. This figure has quadrupled since the beginning of the month. The surge was led by the E Fund ChiNext ETF, which attracted +$2.9 billion in inflows, its largest daily intake in 2 years. This follows +$6.9 billion in inflows into these 9 ETFs on Thursday, their largest daily inflow since April 2025. Meanwhile, the CSI Index is down -19% from its June 22nd peak, to near its lowest since July. At the same time, China’s margin debt has declined -18%, or -$830 million, to its lowest since October 2025, as investor appetite for leverage has rapidly weakened. China’s stock market is under pressure.