男友太凶猛1v1高h,大地资源在线资源免费观看 ,人妻少妇精品视频二区,极度sm残忍bdsm变态

Global EditionASIA 中文雙語Fran?ais
Business
Home / Business / Finance

China bond market remains attractive on high returns: experts

Xinhua | Updated: 2020-11-26 16:39
Share
Share - WeChat
A worker counts Chinese currency renminbi at a bank in Linyi, East China's Shandong province. [Photo/Xinhua]

NEW YORK -- Chinese bond market continues to be attractive to foreign investors thanks to higher yields and appreciation of RMB, according to multiple experts.

China's enterprise bond spreads, especially with high-yield ones, are still above their historical average and should compensate for a gradual rise in the overall rate of credit market defaults under an orderly deleveraging scenario, said Mark Haefele, chief investment officer of UBS Global Wealth Management, in a recent research note.

Haefele forecasted the default rate in the overall onshore China credit market would inch up to around 1.6 percent in 2021, up from 1.2 percent at present, driven by strong gross domestic product but slower credit growth.

While recent credit events will result in losses for holders of select Chinese corporate bonds, "they have no impact on our overall constructive view on Chinese assets," said Mehran Nakhjavani, managing partner of global strategy with MRB Partners Inc recently.

Haefele noted that credit differentiation would increase, which makes selection increasingly important.

"We continue to like Asian high-yield credit, which offers some of the most attractive yields in the credit space," said Haefele.

The valuation of China's high-yield bonds is attractive with default risk contained, and "we remain constructive on Chinese property bonds due to solid fundamentals," said Hu Yifan, regional chief investment officer and chief China economist with UBS AG Hong Kong Branch.

Speaking in a separate report, Hu added that UBS has revised up its forecast of RMB's exchange rate against US dollar to 6.3 from 6.7 by the second half of 2021.

While there is plenty of appetite among foreigners to buy RMB-denominated Chinese government bonds, their overall level of ownership is still relatively small, around 6-7 percent of the most liquid segment of the market, said Nakhjavani.

In many other emerging markets, foreign investors own around one-third of local currency-denominated government bonds, Nakhjavani added.

Statistics show that the yield of China 10-year government bond stays over 3.3 percent on Wednesday while 10-year bonds of the United States and Germany stood at around 0.88 percent and -0.56 percent, respectively.

The exchange rate of RMB against dollar has appreciated over 7 percent in the last six months, which drives international investors to buy more Chinese assets.

Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
CLOSE
 
主站蜘蛛池模板: 长宁区| 潜江市| 东乡族自治县| 抚州市| 凤庆县| 广丰县| 蓬溪县| 大连市| 陵水| 慈利县| 甘肃省| 满城县| 含山县| 深泽县| 林甸县| 诏安县| 中山市| 开江县| 富宁县| 达州市| 冕宁县| 通海县| 泾川县| 鹤庆县| 洪雅县| 彭州市| 名山县| 上思县| 龙井市| 郯城县| 武夷山市| 界首市| 勃利县| 阿拉善盟| 白山市| 抚宁县| 曲松县| 永泰县| 伊金霍洛旗| 出国| 通海县|