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China fixed income: Investing in resilience

Ming Leap, Portfolio Manager, Asian Fixed Income, shares his views on the drivers and investment opportunities in the Chinese bond market
24 June 2020
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    Summary

    • Recent policies and statements from Chinese officials reflect regulatory efforts to prioritise risk unwinding over aggressive loosening and ensure easing measures to channel funds into the real economy
    • We interpret the more cautious stance as “fine-tuning” after aggressive easing rather than a major policy shift
    • With multiple mandates across inflation, growth, employment, exchange rate and financial stability, policymakers are trying to strike a fine balance between policy objectives
    • Net inflows into onshore bonds reached USD16 billion in May, the biggest monthly reading on record
    • In the stock market, the southbound trade through the Stock Connect has recorded USD38 billion of net buying so far this year

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