Foreign fund managers plan to double their investments in renminbi-denominated bonds in the next year, according to a survey that suggests appetite for China’s vast debt market is rising in spite of fears about the country’s financial stability.
Investors polled by Deutsche Bank said they planned to double their allocation in the next year to about 13 per cent of their local currency portfolios, following moves by China this year to open its bond markets — the world’s third-largest behind the US and Japan.
Outstanding onshore bonds are worth about $7.5tn, roughly the same as the rest of the entire emerging market debt universe, analysts have calculated. The US bond markets are worth $35tn and Japan’s $11tn.
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