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Demand for Chinese bonds from international investors has risen significantly over the past two years and is forecast to grow further as Beijing opens up the country’s financial markets.
过去两年，国际投资者对中国债券的需求显著增长，随着北京方面开放中国的金融市场，这一需求预计还将进一步增长。
Holdings of onshore Chinese bonds by foreign institutional investors have increased by about 60 per cent since December 2016. Reforms such as the launch of the Bond Connect programme in July last year should help to facilitate fixed-income inflows from a wider pool of international investors.
自2016年12月以来，外国机构投资者所持的中国在岸债券增长了约60%。去年7月启动的“债券通”(Bond Connect)计划等改革，应该会有助于促进范围更广的国际投资者的资金流入中国固定收益市场。
Chinese 10-year government bonds currently offer a yield of 3.96 per cent, higher than the US (2.66 per cent), Germany (0.63 per cent) or Japan (0.08 per cent).
中国10年期国债目前的收益率为3.96%，高于美国（2.66%）、德国（0.63%）和日本（0.08%）。
The Chinese government announced measures late last year designed to strengthen the financial system.
中国政府去年晚些时候宣布了加强金融体系的措施。
It also aims to reduce the debt pile that has accumulated in an effort to defuse risks that could destabilise the world’s second-biggest economy.
中国政府还力求削减累积的债务，以化解或破坏世界第二大经济体稳定的风险。
Although the country’s headline economic growth is expected to slow from its previously unsustainably high pace, China will remain the biggest driver of global economic expansion expected over the next two years.
尽管中国的总体经济增长预计将从之前不可持续的高速放缓，但在接下来两年里，预计中国仍将是全球经济扩张的头号引擎。
Hayden Briscoe, head of fixed income Asia Pacific at UBS, says he expects to see a reduction in credit growth and further deleveraging this year, measures that should provide support to Chinese government bond yields.
瑞银(UBS)亚太固定收益主管海登?布里斯科(Hayden Briscoe)表示，他预计今年信贷增长将会减速，去杠杆将进一步推进，这些措施应该会为中国的国债收益率提供支撑。
UBS estimates that foreign investors hold just 2.1 per cent ($167bn) of China’s $7.6tn bond market, the third largest in the world.
据瑞银估计，外国投资者所持债券仅占中国7.6万亿美元债券市场的2.1%（合1670亿美元）。中国是全球第三大债券市场。
Index providers are adjusting their benchmarks to reflect the growing importance of China in global fixed-income markets.
指数提供商正在调整它们的基准，以反映出中国在全球固定收益市场中日益提高的重要性。
Mr Briscoe expects to see a “major reallocation of capital” once China is included in the global fixed-income indices, which are widely used as benchmarks by international investors.
布里斯科预计，一旦中国被纳入全球固定收益指数，将出现“重大的资本重配”。全球固定收益指数被国际投资者广泛用作基准。
