US China ETF heads to record drop
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THE biggest US exchange-traded fund (ETF) tracking mainland Chinese stocks fell for the second time this week, heading for the biggest monthly loss since it was started in 2013 amid concern Chinese policymakers will fail to stem a selloff in the A-share market.
Investors in the Deutsche X-trackers Harvest CSI 300 China A-Shares ETF are enduring the widest price swings on record and have pulled more than US$274 million from the fund's assets in the past four weeks as the government implemented unprecedented intervention measures to stem a rout that wiped out US$4 trillion in market value. Historical 30-day volatility in the ETF surged to 96.75 per cent on Thursday as the fund dropped 3 per cent to US$39.83 in New York.
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