Fitch on: China

The Chinese bond market has grown to over USD14 trillion, becoming the second largest in the world after the US. China’s offshore USD-denominated bonds have long been sought after by international investors, not only for diversification purposes but also for their attractive yields. More recently, onshore RMB-denominated bonds have seen growing participation from international investors due to both the inclusion of Chinese bonds in global indexes and more streamlined investment procedures via Bond Connect. Foreign investors’ onshore bond holdings rose to CNY3.3 trillion by December 2020, up by more than CNY1 trillion from the same period a year ago.

As more international investors are entering China’s offshore and onshore bond markets, there is a growing need for gaining an in-depth understanding of new market developments, and the risks and returns associated with different sectors in China. Our Fitch on: China Journal aims to provide an update on these developments, while identifying risks to be aware of and highlighting the performance of the Chinese Sovereign, Corporates, Public Finance, Banks, Non-Bank Financial Institutions, and Structured Finance sectors. Fitch expects that the insights and opinions offered by this journal will benefit both new market participants and more experienced investors, bankers and issuers interested in China’s fixed income market.

Contents:

• China Sovereign
• China Corporates
• China Public Finance
• China Banks
• China Securities Companies
• China Insurance
• China Structured Finance