The opening up of China’s $12 trillion domestic bond market is arguably the most important event for the global bond market this century. At some point, fund managers know they will need to engage with, or at least understand, the world’s third largest bond market.
Many have already dipped their toes in the water. In July, foreign holdings of Chinese government bonds CGBs topped Rmb1 trillion $146.26 billion for the first time. During the first half of the year, foreign investors became the single biggest buyers for CGBs and now account for 8% of all holdings.
Demand has also increased month-on-month for the past 18...
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