Dedicated EM ex China A Share funds reported inflows ofUS$0.68bn this week. This is the first inflow week after four straightweeks of average outflows of US$1.25 bn. This week's inflows weredriven by ETF funds while active funds continued to report outflows.

　　Dedicated EM equity funds (GEMs + EM Asia + EMEA and LatAm regionalfunds), including China A-share funds reported inflows of US$0.95bn for theweek ended June 8, 2016.

　　Within dedicated EM funds, GEM regional funds were the only regionalfunds to report inflows, with US$1.16bn this week. Meanwhile, EM Asiaregional funds, Latam regional funds and EMEA regional funds reportedoutflows of US$0.13bn, US$0.08 and US$0.01bn, respectively.

　　In terms of active versus passive (ex China A funds), EM ETF fundsreported inflows of US$1.34bn, while EM active funds reported outflows ofUS$0.66bn in the current week.

　　EM equity fund flows by country (aggregate equity flows from all funds,global + EM +country dedicated funds): Philippines, Taiwan and Indonesiareported the largest inflows relative to AUM this week. On the other hand,Korea, Thailand and Qatar reported the largest outflows relative to their AUM.

　　DM equity fund flows by country (aggregate equity flows from all funds,global + EM +country dedicated funds): Australia, Singapore and Hong Kongreported the largest inflows relative to AUM this week, while Italy, Germanyand France reported the largest outflows relative to AUM.

　　Japan reported marginal inflows in the current week driven by inflows indomestic funds, while foreign funds reported outflows (see Exhibit 31).

　　EM bond funds reported inflows of US$0.66bn this week compared to lastweek's inflows of US$0.20bn.