Relative value of CNH bonds to remain unattractive in H2
The relative value of offshore RMB bonds compared to both onshore and US dollar bonds will remain unattractive as downward pressure on Chinese government bonds’ yield curves escalates, says BoA-Merrill.
The offshore renminbi bond market is in for a tough few months as onshore Chinese government bond (CGB) curve is likely to flatten in the second half of the year.
Offshore renminbi bond market yields are on average 1% lower for similarly rate onshore bonds, according to Bank of
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