Will Chinese government bonds remain a safe haven?

Favorable factors such as a relatively higher yields vs G7 government bonds and a defensive currency, have helped Chinese government bonds outperform in 2021.

Compared to G4 and global government bonds, Chinese government bonds have registered higher quarterly, and annual, returns for both domestic and dollar-based investors, as Table 1 shows. In particular, they provided a safe haven during the Covid reflation trade in Q1 2021.

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