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China Confidential - Premium Investment Insight
30 March 2012

Offshore renminbi (CNH) bond funds have enjoyed a decent rally this year. After falling sharply in the second half of 2011, CNH bond prices are up 3% since January. But heavy issuance by multinational corporations - as well as Chinese banks and corporates - have been quietly pushing down prices for CNH bonds in recent weeks: this confirms our earlier prediction that the rally would be short-lived. As more and more corporates tap the CNH debt market in coming months, we expect prices to fall, and yields to rise, even further.



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