外國投資者成中國債券最大買家

Foreign investors have emerged as the biggest buyers of government bonds in China's domestic market this year, a surprise development that is largely due to the inclusion of Chinese bonds in a major global index and the yuan's resilience.

外國投資者已成爲今年中國境內市場政府債券的最大買家，出現這種意外情況的主要原因是，中國債券被納入了一個主要的全球指數，以及人民幣匯率較爲穩定。

Those overseas investors, primarily big institutional investors as well as central banks and sovereign-wealth funds, have bought a net 229.4 billion yuan ($35.9 billion) of the government bonds in 2018. The second-place group of investors, Chinese brokerages, have net purchases of a total of 41 billion yuan.

這些境外投資者以大型機構投資者、央行和主權財富基金爲主，今年已淨買入人民幣2,294億元（合359億美元）的政府債券。第二大買家是中國證券公司，淨買入了人民幣410億元。

The surge in foreign buying has picked up since late March, when Bloomberg LP said it would add Chinese bonds to the Bloomberg Barclays Global Aggregate Index, becoming the first of the world's three major bond indexes to include them.

境外投資者的購買規模自3月底以來激增，當時彭博宣佈，將把中國債券納入彭博巴克萊全球綜合指數，在全球三大債券指數中率先納入中國債券。

"The index inclusion of the Chinese market has definitely had a big impact on demand because many global investors track such indexes when allocating their money," said Peter Ru, Shanghai-based chief investment officer for China fixed income at Neuberger Berman Investment Management.

路博邁投資管理公司上海分部的中國區固定收益首席投資官Peter Ru表示：“該指數納入中國政府債券對需求無疑有較大影響，因爲很多全球投資者在配置資金時追蹤這些指數。”

Goldman Sachs Group Inc. estimated last year that Chinese bonds' eventual inclusion in the world's three major bond indexes -- JPMorgan Chase & Co. and Citigroup Inc. run the other two -- could trigger fund flows of up to $250 billion into the market.

高盛集團去年估計，中國債券最終被納入全球三大債券指數可能推動多至2500億美元資金流入該市場；摩根大通公司和花旗集團則運營着另外兩個指數。

In all, foreign investors' holdings of Chinese government bonds had reached a record 836 billion yuan by the end of May, according to data provider Wind Info, double the amount a year ago and marking the 15th consecutive monthly rise.

據數據供應商萬得資訊透露，截至5月底，外國投資者總計持有的中國政府債券達到創紀錄的人民幣8360億元，較一年前增長一倍，連續第15個月攀升。

Their presence in Chinese domestic bonds is small overall, at 1.7% of the $12 trillion market. China's banks, insurers, brokerages and mutual funds dominate bond ownership.

中國境內債市規模達12萬億美元，整體來看外國投資者的持債比例不高，僅爲1.7%。中資銀行、保險公司、券商和共同基金是中國境內債券的主要持有機構。

"Despite the recent drop in Chinese bond yields, they remain attractive in the global context," said Liu Dongliang, senior analyst at China Merchants Bank.

中國招商銀行高級分析師劉東亮稱：“儘管中國債券收益率近期下滑，但是在國際上仍有吸引力。”