(Bloomberg) — Chinese investors’ appetite for stock-focused mutual funds waned in December as the autumn equity rally sputtered and bonds once again gained attraction.

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While the total amount raised by equity products still exceeded that of fixed income products this month, bond funds grew rapidly, notching their largest monthly figure for the year so far. That’s come as relatively safe bond-focused funds regain favor with investors, in a sign that animal spirits are still rather tame.

The equity benchmark CSI 300 Index soared 21% in September on China’s policy pivot to larger stimulus, but has moved sideways since then. The bulk of equity issuances in that span have been in the shape of ETF products, particularly those tied to the new A500 index.

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