Foreign Institutions Raise China Bond Holdings for Fourth Straight Month

Four consecutive months of net foreign buying in Chinese government bonds suggests a structural, not tactical, allocation shift. The modest monthly increment matters less than its persistence: it signals that foreign reserve managers are treating onshore CGBs as a durable portfolio component rather than a momentum trade. The key question is whether this demand holds if global risk appetite recovers and rate differentials narrow, which would test how much of the flow is genuine diversification versus relative-value positioning.