What is in short supply at the moment for fixed income investors are high-yielding, lowly-correlated bonds with solid macro underpinnings: China ticks all of those boxes.
It is 200 years since Napoleon coined his infamous aphorism about China – “Let her sleep; when she wakes she will shake the world” – and for much of the inter- vening period the country continued to slumber with few consequences for the global economy. That period is now definitively over, as the past 20 years have seen China rouse herself to become one of the largest economies in the world. The implications of that are of profound importance, not just to economists but also to politicians and diplomats.
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