For most of the year, Hong Kong’s dim sum bond market appeared invulnerable. Even as other asset classes suffered, renminbi-denominated bonds remained in strong demand from international investors.
But in recent months enthusiasm has waned. Dim sum bond prices have declined substantially since September, when investors started to question the widely held belief that the renminbi would only appreciate against the US dollar.
“The game has changed,” says one fund manager. “There’s less excitement around appreciation and there are fears of a Chinese hard landing.”
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