Foreign ownership across China’s domestic bond market has set new record levels this year, as investors are drawn to the higher yields on offer in the country compared with other large economies.
Overseas institutional investors had upped their holdings of renminbi-denominated bonds to Rmb2.5tn ($360bn) by the end of June, according to a Moody’s report, compared with about Rmb2tn a year earlier. Fund managers have also reported billions of dollars of additional inflows in July into both government and bank bonds.
The inflows come as the world’s second-biggest economy recovers from the impact of coronavirus, returning to growth in the second quarter while other countries continue to grapple with high daily rates of new infections.
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