Foreign Investors Snap Up Chinese Bank Debt

SHANGHAI—Foreign investors last month more than tripled their holdings of a popular short-term debt instrument issued by Chinese banks—reflecting both the attraction of a rising yuan and a growing risk appetite.

That made them among the leading buyers of “negotiable certificates of deposit” or NCDs in August, a rare position for foreign investors in any Chinese debt market. Central banks and sovereign-wealth funds were big buyers,…


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