Outperformance in inflation-linked and Chinese sovereign bonds in 2021 highlights contrasting drivers

Eurozone and US inflation-linked bonds and Chinese sovereigns have emerged as the top performing fixed-income assets in 2021, with their returns highlighting distinct differences in policy regimes between G7 countries and China.

Eurozone and US inflation-linked bonds returned up to 14.5%, in local currency terms, followed closely by those of long duration Chinese sovereign bonds, which gained 10.2% for the year.

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