Chinese Investors Are in Love With U.S. Dollar Debt
- The size of China’s QDII bond funds quadrupled this year
- HFT Investment to raise money for new QDII bond fund soon
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Terence Cheng, a fixed-income fund manager based in Hong Kong, has never gotten so many Chinese client inquiries for overseas dollar bonds. Their questions sent over WeChat, the popular Chinese instant-messaging service, even interrupted his beach vacation in Thailand.
“I spent one to two hours on conference calls with mainland clients on WeChat almost every day,” said Cheng, the chief investment officer at HuaAn Asset Management (Hong Kong) Ltd. He was similarly busy working at home when Typhoon Haima shut businesses across the city last month. “Domestic investors’ demand for offshore dollar bonds is really strong.”