China public mutual funds' net assets totalled 39.32 tln yuan at end-September,
down 0.79% MoM; total units rose to 33.98 tln. Bond funds expanded sharply, with
NAV up about 666.1 bln yuan month-on-month to 12.64 tln and units up ~539.1 bln;
money market fund NAV fell to 15.80 tln. Equity and hybrid fund NAVs declined by
roughly 247.3 bln and 220.5 bln respectively, although equity fund units
increased. Overall, September flows concentrated into bond assets.