A turbulent stock market and easy monetary conditions have made bond funds in mainland China the most preferred investment this year, and possibly the best-performing asset in the region.

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Chinese public bond funds' total assets under management (AUM) grew 27 per cent from January to September to a record high of 5.19 trillion yuan ($717.07 billion), data from the Asset Management Association of China (AMAC) showed. That was the fastest growth among the five asset classes tracked by AMAC.

Shanghai-based Colight Asset Management, one of the largest private bond funds in mainland China, saw its AUM expand by about 60 per cent this year, reaching 20 billion yuan.

Falling domestic interest rates and anxiety about economic growth have driven local investors into China's relatively stable bond markets, fund managers said, with the bearishness on stock prices and earnings exacerbating the trend.

“I have to say it’s the poor performance of other assets that makes bond funds stand out,” said Jianqiao Feng, general manager of Colight Asset Management.

Seeking to make the most of this trend, Blackrock Inc launched its first bond-oriented fund in China on Nov. 1. The fund invests primarily in fixed income, with a less than 30 per cent equity exposure.

China has been an outlier this year as major central banks raised interest rates rapidly to fight inflation. The People's Bank of China kicked off its easing cycle in December 2021 and cut its benchmark interest rates twice in 2022, thus propping up bond prices.