Foreign Holdings of Chinese Bonds Hit Record on Swap Tailwind [BNN Bloomberg (Canada)]
SOCIETE GENL FRNCE S/ADR (SCGLY)
NASDAQ:AMEX Investor Relations:
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Source: BNN Bloomberg
Foreign funds held 4.22 trillion yuan ($582 billion) of onshore yuan bonds in the interbank market at the end of May, according to data from the People's Bank of China. Most of the purchases were in short-term bank debt — a favored instrument for swap strategies — while government bonds saw year-to-date outflows, Bloomberg calculations show. Overseas funds have boosted their holdings of Chinese debt since late 2023, a marked shift from 2022 when pessimism toward the nation's assets and a US yield premium led to a mass exodus. Despite lingering geopolitical risks, a dollar shortage onshore and the US-China interest-rate divergence has created a market condition that gives higher currency-hedged yields for Chinese debt over US Treasuries. “The dollar shortage and subsequent widening basis generates good asset-swap spread trading opportunities,” fueling inflows into banks' negotiable certificates of deposit, said Kiyong Seong, lead Asia macro strategist at Societe Generale in Hong K
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