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JP Morgan inclusion of China bonds benefits Chinese market, overseas investors

Xinhua | Updated: 2019-09-18 07:27
The logo of JPMorgan is seen in New York. [Photo/VCG]
武汉女人   据了解,农业农村部联合财政部正在实施新型职业农民培育工程。 母婴在线 不给自己的今天找借口,不给明天添负累,才不会让理想搁浅在拖延中,也才能走到厚积薄发的那一天。 创业   警方30日还在新界大埔拘捕了一名周姓女子,她涉嫌煽惑他人参与未经批准的集结,以及明知而参与未经批准集结。 武汉论坛 庆云镇 武汉论坛 秋道丁次 创业资讯 七江路

NEW YORK - US investment strategists believe JP Morgan's decision to include liquid China Government Bonds (CGBs) in its series of Government Bond Index-Emerging Markets (GBI-EM) indices would benefit both China's financial market and overseas investors.

"The JP Morgan decision highlights the reforms that occurred in providing access into the interbank bond market by the People's Bank of China, China Securities Regulatory Commission and State Administration of Foreign Exchange for foreign investors," Brendan Ahern, chief investment officer at New York-based Krane Funds Advisors, told Xinhua in a recent interview.

Praising that the opening of China's financial market has been "very robust", Ahern believes the integration of China's equity and fixed-income markets into global benchmarks has a far-reaching impact and China will "benefit in the long run" from investors' insights.

Ahern's perspective was echoed by Lucy Qiu, strategist at UBS Global Wealth Management's Chief Investment Office, who told Xinhua that increased foreign inflows should serve to institutionalize China's onshore market and lead to lower volatility and more focus on fundamentals.

"The Chinese bond market offers interesting diversification benefits for international investors," she said, noting that China's "local interest rates tend to be higher than in most established markets, allowing international investors to earn a positive interest rate carry and some buffer against possible exchange rate losses."

Bank of America Merrill Lynch Global Research analysts estimate a potential 20 billion US dollars of inflows would be translated to onshore China bonds over the period of inclusion between Feb 28, 2020 and Nov 30, 2020, implying an average of 2 billion dollars of inflows per month.

"The inclusion of China bonds to JP Morgan's benchmark indices represents a step forward in China's renminbi internationalization project," analysts with BofA Merrill Lynch Global Research said in a research note.

"Global bond managers, much like their equity counterparts, will need to have a China opinion," said Ahern.

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