The latest data from fund tracker EPFR shows emerging market funds in Asia were subject to $2.4bn of outflows in the week ending March 11, versus an inflow of $338m a week before. Equities drove the withdrawals, down $2.14bn.
China accounted for the bulk of outflows ($1.35bn), suggesting foreign investors' sentiment fell after Premier Li Keqiang lowered the nation's 2015 growth target to "around 7 per cent". The latest data also showed China's February imports contracted by a fifth from a year before, underscoring weak domestic demand.
Korean outflows totalled $965m, as the won crept towards a two-year low. The Bank of Korea responded to a slowing economy with a surprise rate cut yesterday (after the cut-off for this data).
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