Global funds seeking shelter from the coronavirus-linked sell-off are piling into Chinese government bonds, pushing foreign holdings to a record and turning the country where the disease originated into an unlikely haven.
Offshore investors ploughed Rmb75bn ($10.8bn) into China’s government bond and policy bank securities market via Hong Kong’s “Bond Connect” programme in February, according to figures from the operator.
The purchases increased total foreign ownership of sovereign renminbi bonds to a record Rmb2.27tn even as much of the country went into lockdown after the viral outbreak, slamming the brakes on economic growth and sparking a rout for Chinese stocks that has now spread across global markets.
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