This page looks at the Chinese bond market. On the left, we look at the yields offered from various representative Chinese bond indices. Included are offshore credit based in U.S. dollars or local currency. Also shown in the 3-year government bond, as this is one of the most liquid government bond instruments. On the right, we see the risk-adjusted returns and also the correlation between a number of bond benchmarks and Global Aggregate bonds. This shows Chinese bonds have lower correlation with international fixed income and hence provide additional diversification benefits.