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Chinese Bonds Are Becoming a De Facto Reserve Asset, Gavekal Says

By Bloomberg Markets March 24, 2026 Neutral
Chinese Bonds Are Becoming a De Facto Reserve Asset, Gavekal Says
There is no shortage of investors touting Chinese assets as a haven since the Iran conflict erupted. But Charles Gave and his son Louis-Vincent of Gavekal Research go a step further. They argue that Chinese government bonds are emerging as de facto reserve assets — potentially, at the expense of gold and US Treasuries.
There is no shortage of investors touting Chinese assets as a haven since the Iran conflict erupted. But Charles Gave and his son Louis-Vincent of Gavekal Research go a step further. They argue that Chinese government bonds are emerging as de facto reserve assets — potentially, at the expense of gold and US Treasuries.
Topics: Chinese bondsreserve assetGavekal