久久亚洲国产成人影院-久久亚洲国产的中文-久久亚洲国产高清-久久亚洲国产精品-亚洲图片偷拍自拍-亚洲图色视频

Global EditionASIA 中文雙語Fran?ais
Business
Home / Business / Finance

FTSE move rejuvenates interest in govt bonds

By SHI JING in Shanghai and ZHOU LANXU in Beijing | China Daily | Updated: 2021-03-25 09:09
Share
Share - WeChat
A clerk counts cash at a bank in Haian, East China's Jiangsu province, on June 24, 2020. [Photo/Sipa]

Inclusion of Chinese government bonds in global index provider FTSE Russell's FTSE World Government Bond Index later this month is expected to boost demand for bonds from the country, experts said.

The London-headquartered index compiler said in September that it would include Chinese sovereign bonds in its index, the details of which will be confirmed at the end of this month.

Liu Jie, head of China macro strategy at Standard Chartered Bank, said in a recent report that the initial weighting of the Chinese government bonds in the FTSE WGBI will be about 5.2 percent, helping uphold the renminbi exchange rate. Upon the official inclusion this October, between 130 billion yuan ($20 billion) and 150 billion yuan of passive investment is expected to flow into the Chinese bond market within a year, according to Liu.

Once successfully added in FTSE's flagship index, Chinese government bonds will be included by all the world's three major index providers. The other two are the Barclays Global Aggregate Index and the JPMorgan Government Bond Index-Emerging Markets in which the Chinese government bonds were included in April 2019 and February 2020, respectively.

With international investors playing a bigger role in the Chinese bond market, the market liquidity will be further enhanced and investor composition will be more diversified, according to Candy Ho, global head of RMB Business Development of HSBC.The continued opening-up of the Chinese bond market has provided more options for international investors to optimize their asset allocation, she said.

Statistics from China Central Depository and Clearing Co Ltd showed that overseas investors held 3.15 trillion yuan of Chinese bonds by the end of February, up 3.13 percent from a month earlier. The latest data have indicated overseas investors' rising holdings of Chinese bonds for the 27th month in a row.

Hedging against a volatile global market in equities and declining US Treasury yields are the major reasons that international bond investors have poured into Chinese bond market, FTSE Russell said in its China bond research report released on March 16.

Iris Pang, chief China economist at Dutch bank ING, said Chinese government bonds are expected to remain attractive for foreign investors, despite the recent spike in US government bond yields.

If the rise in the 10-year government bond yield in the United States is sharper than in China, it will narrow the China-US yield spread, or the difference between the yields of Chinese government bonds and the US counterparts. In such a situation, foreign investors may reconsider their allocation in China, Pang said.

"But still, the remaining spread, together with the expected appreciation of the yuan, is very attractive for foreign investors," Pang said, adding that there could be slower capital inflows into China's bond market with net outflows highly unlikely.

Foreign investors continue to be interested in China's government bonds as they provide better yields than their US counterparts, said David Chao, global market strategist for the Asia-Pacific (excluding Japan) region at Invesco, a global investment management company.

The narrowing spread of China-US government bond yields indicates that inflation is accelerating at a slower pace in China than in the US, he said.

Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
CLOSE
 
主站蜘蛛池模板: 天堂精品高清1区2区3区 | 美女大片高清特黄a大片 | 久久看片网 | 黄网免费 | 免费看成人毛片 | 国产在线观看一区 | 日韩久久免费视频 | 一区二区三区免费观看 | 欧美一级毛片免费看视频 | 久草免费在线 | 在线播放性xxx欧美 在线播放亚洲视频 | 亚洲国产综合人成综合网站00 | 热re91久久精品国产91热 | 欧美高清一级片 | 日本b站一卡二不卡 | α片毛片| 欧美激情欧美狂野欧美精品免费 | 国产精品天天爽夜夜欢张柏芝 | 精品国产区一区二区三区在线观看 | 日韩欧美特级毛片 | 国产欧美日韩亚洲精品区2345 | 中文成人在线 | 国产一级做a爰片久久毛片99 | 美女个护士一级毛片亚洲 | 伊人久久综合热青草 | 国产精品麻豆一区二区三区v视界 | 美国成人免费视频 | 中文国产成人精品久久水 | 欧美另类丝袜 | 国内偷自第一二三区 | 日韩美女在线视频 | 国产女人在线观看 | 国产精品一级香蕉一区 | 国产视频手机在线 | 成人午夜网站 | 欧美午夜伦y4480私人影院 | 午夜在线播放免费人成无 | 特级a做爰全过程片 | 毛片美国基地 | 国产呦系列呦交 | 欧美亚洲日本一区二区三区浪人 |