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Accessing China’s bond markets

Our macro experts answer your questions regarding the logistics surround the inclusion of Chinese government bonds into the JP Morgan index and the potential implications for bond market investors.

In February 2020, JP Morgan began including Chinese government bonds in its Global Diversified Index – Emerging Markets Global Diversified (GBI-EM) at a rate of 1% per month until China reaches the single-country ceiling of 10% in November 2020. China is the 20th country to feature in the index.

Our team answers five key questions:

  1. Does the opening of the Chinese bond market imply a relaxation of capital controls?

  2. What are the implications of index inclusion from a valuations perspective for emerging market (EM) and developed market (DM) investors?

  3. How does this opportunity set compare with others in terms of size, liquidity and challenges?

  4. What is your view on the fundamental outlook for the Chinese economy?

  5. CIBM and Bond Connect are the two main channels for offshore participants to access the Chinese local market. Why does BlueBay favour CIBM?

Download the PDF to read our expert answers.