China's ETF market swung to about 77.6 billion yuan, or roughly $11.5 billion, of net outflows during August 3-7 as an A-share rebound prompted tactical profit-taking after July's record inflows. Selling centered on previously oversold STAR Market, ChiNext and small-cap products, while gold, CSI A500 and securities-sector ETFs still attracted money. Institutions said the move looked like portfolio rebalancing rather than a broad risk-off shift, though they warned concentrated mutual fund positions and the lack of a major new AI catalyst could limit a technology-led recovery. A separately supplied newer record cited Institute of International Finance data showing net $18.8 billion of inflows into emerging-market portfolios in July, with China still seeing foreign outflows; that cross-border flow report is a different event from the domestic China ETF redemption story.