New Reference For Investing And Researching Chinese Bond Market – Book Review


China’s market for debt securities is the world’s second largest and demands the attention of international investors. But how should they assess the risks of particular securities when many of the legal and regulatory foundations of the market were put into place less than 20 years ago? Chinese Debt Capital Markets: An Emerging Global Market with Chinese Characteristics explores these institutional developments and assesses the determinants of returns and risk using comprehensive data coverage and up-to-date statistical modelling techniques.

From the perspectives of institutional framework, market functions, market structure, and market development, Chinese Debt Capital Markets provides a systematic and in-depth analysis and exploration of the macro-effects, microstructure, local government bond market, corporate bond market, debt derivatives market, and market supervision and regulation of the Chinese credit bond market.

Unlike other publications on the current state of the Chinese bond market, this book focuses more on exploring the evolution of the market, existing problems, and development direction from the functional, structural, and developmental angles of China’s bond market. The study employs a combination of historical, logical, qualitative, quantitative, traditional econometric and modern AI analyses to deeply investigate the institutional, technological, macroeconomic, and microeconomic factors that constrain the development of China’s bond market.

This volume shows how the huge Chinese debt securities market and fixed-income derivatives can be broken down into many segments. By:

  • Type of issuer (central government, local government, state-owned company (either central or local), private company)
  • Term (bills, notes, long-term bonds)
  • Legal regime in case of default
  • Types of participating investors
  • Ratings agency coverage

In this comprehensive study, an expert team of researchers takes the reader through the maze, and provides private investors, fund managers, researchers and university students the tools needed to participate in this market and to understand the forces that will continue to reshape it in the years to come. It is especially helpful for international investors and researchers looking to gain an in-depth understanding of the various aspects of China’s credit bond market.

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