But as we explore further, it will be clear that this is the outcome of a meaningful divergence in economic strategy across major economies globally, and the numbers involved underpin the significance of this shift.
A divergence in policy responses by Washington and Beijing has also raised the appeal of Chinese onshore bonds. Second, a widening yield spread of Chinese bonds over American securities of similar quality and maturity is adding to the incentive of investing in China. China, on the other hand, has surprised many by resisting the temptation to flood its economy with cheap credit.When global fixed income investors scrambled for cover in panic selloffs in March, China's onshore bond market offered a rare haven with low volatility and no liquidity crunch.
China's quick"first in, first out" recovery from the pandemic has set the stage for a strong rebound in economic activity. Tens of millions of people toured around China in an eight-day national holiday through Oct 8, while much of the world remained under tight travel curbs. The Chinese Interbank Bond Market and the Bond Connect programmes have both widened access for foreign institutional investors.
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