The iShares JP Morgan EM Local Government Bond UCITS ETF had net deposits of $341 million last week, the most since Feb. 8, as the Federal Reserve’s dovish stance and progress in U.S.-China trade talks spur demand from some of the world’s biggest money managers. Meanwhile, investors pulled $251 million from the largest ETF for emerging-market dollar bonds, bringing outflows for April to $1.6 billion, the most in more than a year.
JPMorgan Chase & Co. said last week that its clients increased their exposure to emerging currencies to the highest level since May 2018. They were overweight the South African rand, Russian ruble, Brazilian real, Nigerian naira and the Egyptian pound.
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