三级aa视频在线观看-三级国产-三级国产精品一区二区-三级国产三级在线-三级国产在线

US EUROPE AFRICA ASIA 中文
Business / Markets

Investors turning to Chinese bonds for better yields

(Agencies) Updated: 2014-10-25 08:37

Global investors are helping drive China's biggest bond rally since 2008, drawn by the widest yield advantage over US Treasury securities among similarly rated nations as the authorities grant increased access to domestic markets.

Foreign holdings of local notes surged 59 percent this year, pushing the Bank of America Merrill Lynch China Broad Market index of the nation's publicly traded sovereign and corporate debt to climb 8 percent, the most in six years.

The yield on two-year government securities is 312 basis points higher than that of Treasuries, the biggest gap among nations graded Aa3 by Moody's Investors Service.

China has been easing restrictions on the flow of capital from world financial hubs to push greater global use of the yuan. Quotas totaling 640 billion yuan ($104 billion) have been granted to invest offshore yuan in domestic securities and a trading link between the Hong Kong and Shanghai stock markets is set to begin soon.

Premier Li Keqiang has called for lower financing costs to support small businesses and prevent any systemic risks, boosting bonds.

"China's government notes offer the biggest bond-market opportunity in the world," Jan Dehn, London-based head of research at Ashmore Group Plc, which oversees $71.3 billion of emerging-market assets, said in an interview in Singapore this week.

"They have zero correlation with the Treasury market. Interest rates in China are a function of growth and inflation and monetary policy in China."

The People's Bank of China, the central bank, has cut reserve requirement ratios for some lenders and provided liquidity to selected banks to encourage lending and control any fallout from rising debt, which Standard Chartered estimated to be 251 percent of gross domestic product as of June.

Overseas entities have increased their bond positions for nine consecutive months, with their holdings rising 6.7 percent in September to 634.14 billion yuan - the biggest gain since March, according to PBOC data.

Two-year Chinese government notes yielded 3.51 percent on Thursday while consumer prices rose only 1.6 percent in September from a year earlier, the slowest pace since January 2010. Yields on similar-maturity sovereign bonds in Chile were 3.22 percent, and in South Korea 2.15 percent on the same day, which have the same Moody's rating as China's, while that on US Treasuries was 0.37 percent.

The yuan climbed to 6.1172 per dollar on Wednesday, the strongest level since March. The yuan's Sharpe ratio, which measures returns adjusted for price swings, is 4.2 so far in the second half, second only to Argentina's peso. The Chinese currency has trimmed its loss for the year to 1.1 percent.

"The low volatility of the yuan and high yields are among the main reasons to invest in onshore yuan bonds," said Ken Hu, Hong Kong-based chief investment officer for Asia-Pacific fixed income at Invesco Ltd, which had $812 billion under management globally at the end of August.

China has allowed 166 overseas institutions to trade on the interbank bond market, and 81 qualified foreign institutional investors obtained licenses to buy domestic securities using the local currency as of August, according to a transcript of Monday comments from PBOC Deputy Governor Hu Xiaolian posted on the monetary authority's website.

Investors turning to Chinese bonds for better yields

Investors turning to Chinese bonds for better yields

Govt bond yields fall most in one month on stimulus bets  China treasurybond futuresclose higher Monday

Hot Topics

Editor's Picks
...
...
主站蜘蛛池模板: 国产青草视频 | 国产在线欧美日韩精品一区二区 | 成年大片免费高清在线看黄 | 日韩欧美在线播放 | 特级黄色生活片 | 亚洲精品区一区二区三区四 | 达达兔午夜起神影院在线观看麻烦 | 你懂的在线网站 | 8x永久免费观看成人影院 | 国产不卡a | 国产香蕉在线精彩视频 | 日本内谢69xxxx免费播放 | 亚洲精品在线播放视频 | 国产一级视频免费 | 91网站桃色 | 激情五月色综合色婷婷 | 国产精品第1页在线观看 | 小优视频高清视频在线看 | 日韩精品视频免费网址 | 亚洲色图图 | 91小视频在线观看 | 国产精品美女久久久久久 | 欧美一区二区精品系列在线观看 | 亚洲精品不卡在线 | 99综合色| 一级毛片一级毛片一级毛片 | 国产精品一二区 | 国产成人综合在线观看网站 | 青青草这里只有精品 | 国产男同志gay毛片欧美 | 成人午夜视频在线观看 | 亚洲欧美自拍视频 | 国产精品第一区亚洲精品 | a级情欲视频免费观看 | 黄 在线 | 黄色网址免费看 | 久久六月丁香婷婷婷 | 久久婷婷综合五月一区二区 | 久久毛片免费看一区二区三区 | 国产91成人精品亚洲精品 | 欧美亚洲精品一区二三 |