FTSE Russell China Bond Research Report Q4 2018

China’s US$12 trillion bond market is projected to double in size in the next four years to about US$24 trillion, according to Goldman Sachs. Chinese Government Bonds (CGBs) are forecast to account for an estimated US$4 trillion of that market by the end of 2022

Despite growth in its bond market, China’s currency – the renminbi (RMB) – is depreciating on the back of trade tensions and slower macroeconomic growth. The RMB hit a 10-year low in late October 2018; and the interest rate gap between China and the US narrowed due in part to the Federal Reserve’s tightening policies

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