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Enter the Dragon
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Enter the Dragon

How China's Bond Market May Affect Asia

Shaun Roache
Standard & Poor's, 2019
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Editorial Rating

7

Qualities

  • Analytical
  • Overview
  • For Experts

Recommendation

Economist Shaun Roache examines the growth of Chinese onshore bonds – leading to their recent inclusion in a major global bond index – and discusses the likely ramifications of the market’s opening to overseas investors. Roache concludes that the vast size of the Chinese market means it is inevitable that its influence will ultimately catch up to that the US Treasury market. This short but thought-provoking overview will help readers understand the developments in China’s bond market that are likely to ripple across global capital markets in coming decades.

Take-Aways

  • Chinese bonds are now included in a major global bond benchmark.
  • US conditions will drive Asia-Pacific bond markets for some time yet, although China’s sway is rising.
  • Global investors should pay close attention to developments in Chinese markets.

About the Author

Shaun Roche is the Asia-Pacific chief economist at S&P Global.

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