6 January 2025 THIS CONTENT MAY NOT BE DISTRIBUTED TO MAINLAND CHINA China Rates 2025 Fixed Income Just how low can bond yields go? China China government bonds (CGBs) performed very well in December, delivering almost 2% in fixed income returns. The strong performance of CGBs may have caught some investors off guard as based on our tracking of EM local currency bond funds, portfolio managers were, on average, 3ppt underweight CGBs at the end of November. Continued economic uncertainty alongside the PBoC's ...