World-Beating Gain for China Bonds Shows Power of PBOC Policy
- China is only major sovereign bond market to gain in April
- Monetary policy divergence drives outperformance, Maybank says
The People's Bank of China (PBOC) in Beijing.
Photographer: Andrea Verdelli/BloombergThis article is for subscribers only.
China’s bonds look set to be the only ones to dodge a global fixed-income rout this month, as its central bank persists with an easing stance to shield the economy from a worsening Covid outbreak.
Chinese debt has gained 0.3% in April on a currency-hedged basis, while all other markets that make up FTSE Russell’s World Government Bond Index have seen losses, according to data compiled by Bloomberg.