Overseas Funds Cut Chinese Bonds as Swap Trade Ebbs, Stocks Gain [Yahoo! Finance Canada]
OVERSEAS CHINSE UNSP/ADR (OVCHY)
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Source: Yahoo! Finance Canada
Most Read from Bloomberg Offshore investors slashed a net 113.2 billion yuan ($15.9 billion) of Chinese government bonds in September, a record monthly cut in official data dating back to 2014, according to Bloomberg calculation based on Chinabond's figures released Tuesday. Negotiable certificates of deposit, which are Chinese banks' short-term instruments with investment flow patterns that are similar to short-term government notes, also registered the first outflow since August 2023, according to data from Shanghai Clearing House. The outflows reflect spillover effects from investors' varied responses to a combination of recent factors, such as the Federal Reserve's pivot to easing and improving Chinese economic data, that have driven the yuan higher. The yuan's strengthening versus the dollar for much of September has upended foreign traders' once-lucrative strategy that entailed profiting from onshore bonds. In such trades when the yuan was weaker, traders would swap dol
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