The rush to offer renminbi denominated bond funds was “a little odd”, given the low yield on offer, according to Jim O’Neill.
The chairman of Goldman Sachs Asset Management, who came up with the Bric acronym for the emerging markets supergroup of Brazil, Russia, India and China, said such funds, along with corporate bond funds and emerging market debt funds, “will turn out to be a by-product of low US rates rather than sustainable investment themes”.
Confidence over renminbi appreciation is “the probable reason why people are finding the renminbi bond idea so popular”, he added.
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