瑞银：外国投资者对中国债券市场的配置会进一步加大

Group 1 - UBS Asset Management's Managing Director, Guilin, indicates that the trend of global currency diversification is likely to lead to increased foreign investment in the Chinese bond market, potentially marking the beginning of a third wave of inflows into RMB-denominated bonds [1][2] - UBS launched its first pure RMB bond fund in Luxembourg in 2018, which currently has a size of approximately $4 billion, primarily attracting clients from Europe [1] - Guilin highlights three significant peaks in foreign investment in Chinese bonds over the past fifteen years, with the first peak occurring from 2010 to 2013, the second from 2018 to 2020, and the third expected to start in 2024 [1] Group 2 - Recent communications with international investors reveal that they generally adopt a medium to long-term investment strategy, showing a higher tolerance for short-term currency fluctuations [2] - The scale of the RMB bond market is substantial, making it an essential market for international investors [2] - The trend of investing in non-USD assets is accelerating, suggesting that foreign investors will further increase their allocation to the Chinese bond market [2]