RMB'S Highest Position 20%

Although the global economic recovery is uncertain, the Asian region is facing inflation and the subsequent tightening policy test. Maisheng global asset management is still optimistic about the investment prospects of Asian currencies and bonds, and its "Western Asset Asia Opportunity Fund" will still actively configure investment in the Asian region.

In July 12th, Amanda Stitt, Maison investment director, said: "Asia.

China is an investment focus of the fund.

By the end of May, the fund had a scale of 654 million US dollars, with a total of 12% (about US $54 million 500 thousand) invested in related financial products in China.

It is understood that the company also invested in Renminbi related products through NDF, offshore RMB bonds and QFII channels.

"The current position is lower than the beginning of the year, but it will increase later, mainly considering that the price of some Chinese corporate bonds has attracted more attention before being sold by investors," said Zeng Ke Ke, director of business development in Hongkong, 12.

He said the fund invested in

Investment layout

In addition to investing in China, the fund's better performance in the first half of the year is also related to the over won won, Singapore and Indonesia rupiah.

"Just like the renminbi, the stable appreciation of other currencies in the Asian region can also bring better returns to the bonds," Zeng Ke Ke said.

Statistics show that in the first half of the year, the appreciation rates of won, rupiah, Xinyuan and RMB were 5.59%, 5.16%, 4.81% and 2.2% respectively.

For the second half of the year, in addition to adding Renminbi related financial products, Maison hopes that the currencies and bonds of Korea, Singapore, Malaysia, Indonesia and India will make corresponding allocation.

In terms of bonds, in addition to the corporate bonds that have always been focused on investment, Indonesia's government bonds will also be the focus of its investment, because Maison expects that the country's rating will be raised, resulting in excess returns.

In particular, they are particularly interested in long-term bonds with low interest rate policy and financial bonds with sound financial conditions.

In terms of money, Maison favors the currencies of Korea, Malaysia, Indonesia, Singapore and China.

South Korea has been lagging behind other currencies, and Amanda Stitt believes that the won will appreciate faster than the renminbi.

Statistics show that the allocation of funds in the rest of the rest of Asia by the end of May is 18.3% in South Korea, 16.3% in Singapore, 11.9% in China, 11.9% in Hongkong, 10.6% in Malaysia, and 12.2% in Indonesia.

In the risk allocation of investment target, the proportion from high to low is A, lower than BBB, BBB and AAA respectively, which are 27.7%, 20%, 18% and 15% respectively.

China's sovereign CDS rises

In recent years, domestic local government debt issues have attracted attention. Fitch has downgraded the outlook of China's long term currency issuers' default rating from negative to stable. In the market, NDF and CDS (derivatives that reflect default risk) have risen.

Among them, NDF rose to 6.41 from the recent low of 6.30 in early May, while China's sovereignty CDS increased sharply from 92.66 at the 68 base point in early May to more than 5%.

Bloomberg data show that in July 12th, Thailand's sovereign CDS price was 132.62 basis points, Portuguese sovereignty CDS price was 1133.63 basis points, and China's sovereignty CDS price was 92.66 basis points.

The price of 92.66 base points has been the highest in nearly a year.

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She agrees that CDS reflects the market's perception of risk better. "Thailand's rating is similar to that of Portugal, but CDS offers far from that."

Amanda Stitt believes that the price of China's sovereign CDS is not high at present.

A European bank correspondent told reporters that although CDS better reflects the market's perception of risk than rating, it has more influence factors. For example, in July 12th, China's sovereign CDS rose more than 5%, which is likely to be related to Italy's debt problem, and the CDS of European debt crisis has risen sharply.

According to their understanding, many foreign traders consider the euro and Renminbi as similar currencies.