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How China is changing global financial flows

TRIVIUM CHINA


Tip Sheet readers are well aware that this year has seen an accelerated pace of financial opening – and that asset managers have been jumping into China with both feet, especially in the bond market.

The FT has a great piece by James Kynge, putting the developments in context:

“This year much has changed.”

“Foreign asset managers, sovereign wealth funds and central banks have increased their total holdings of Chinese domestic stocks and bonds — denominated in renminbi — to $462.2bn at the end of September, up by $122.5bn from a year ago, according to official statistics.”

“For the first time, such inflows are running at about the same average monthly level as foreign direct investment, which totalled $91.8bn in the first nine months of the year.”

The key change:“The inflows highlight the rebalancing of China’s economy from corporate direct investment to institutional investment,” says Miranda Carr, executive director of Haitong Securities in London.

Our take: This will be one of the defining features of global financial flows over the next decade.

Go deeper: Check out James’ full piece. It’s worth it.
 

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FT: Beijing moves to cement influence over world’s financial markets

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