Xinhua News Agency, Beijing, March 30 (Tao Siyue) - Recently, precious metal prices have fluctuated, and in an increasingly uncertain market environment, global investors are seeking new &#34;safe havens&#34; for their funds. A report released by Gavekal Research, a financial research institution based in Hong Kong, points out that Chinese government bonds have performed steadily in recent years and are gradually becoming a viable alternative reserve asset, potentially undermining the status of gold and U.S. Treasury bonds.
The report challenges a core assumption of global reserve management, which is that U.S. Treasury bonds and the U.S. dollar are &#34;safe havens.&#34; It argues that China's industrial strength, trade surplus, and large-scale, low-cost electricity production capabilities collectively support the &#34;safe haven&#34; status of Chinese government bonds.
Goldman Sachs recently released a research report indicating that China's situation under the current Middle Eastern conflict is stronger than that of most economies, with a much lower overall dependence on imported energy. More than half of its total energy consumption comes from coal, which is almost entirely produced domestically. Additionally, China's high oil inventory and measures to limit the transmission of fuel prices to domestic markets have also reduced the sensitivity of the Chinese economy to oil prices.
From a longer-term perspective, the State Administration of Foreign Exchange released the &#34;2025 China Balance of Payments Report&#34; in March, showing that by the end of 2025, the yield on 10-year Chinese government bonds is expected to be 1.85%, an increase of about 17 basis points from the end of the previous year. The Gavekal Research report also mentions that since 2012, Chinese government bonds have been one of the few fixed-income markets that have outperformed U.S. inflation.
Chinese government bonds have gained widespread investor popularity in the market. In February of this year, the Ministry of Finance of China issued 14 billion yuan of the first phase of 2026 government bonds in the Hong Kong Special Administrative Region, with a subscription multiple of 3.94 times. Jiang Ya, chief analyst of the consumer industry at CITIC Securities, stated that under the cyclical transition, due to the shift of global risk-averse funds to the East and the release of local talent dividends, Hong Kong's &#34;scarcity + safety premium&#34; as an offshore financial hub is undergoing a historic revaluation.
Standard Chartered Group CEO Bill Winters stated at the recent China Development Forum 2026 that China's economic scale and bond market size are enormous, and the effectiveness of financial market opening is significant. With the advancement of the internationalization of the renminbi, the demand for international investors to allocate renminbi assets continues to rise, and Chinese government bonds possess robust investment value.
&#34;In the current complex global geopolitical landscape, China is in a favorable position to attract international investors due to its stable market environment,&#34; Winters said. He noted that one of the keys to financial openness is to provide international investors with more convenient investment channels and a stable and predictable institutional environment. As a stable platform and a super-large market, Chinese government bonds are increasingly being viewed as safe assets, and their future prospects are very promising. (End)

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Chinese government bonds are gradually becoming a new choice for global reserve assets, showing stable performance, which may weaken the positions of gold and U.S. Treasury bonds. A report from Gavekal Research points out that China's industrial strength and trade surplus support the "safe haven" status of government bonds. Goldman Sachs also believes that China's economic situation under the current Middle East conflict is better than that of most economies, reducing sensitivity to oil prices. In 2025, the yield on China's 10-year government bonds is expected to be 1.85%

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(Economic Observer) Chinese government bonds are gradually becoming a new choice for global reserve assets