China's bonds boom as investors face 'asset famine'

China's bonds boom as investors face 'asset famine'

FILE PHOTO: People walk on a pedestrian bridge at the central business district (CBD) during morning rush hour, ahead of the opening of the National People's Congress (NPC), in Beijing, China, February 29, 2024. REUTERS/Florence Lo/File Photo

A record-breaking rally in Chinese sovereign debt is hitting a fever pitch in another sign China’s financial system is low on confidence and overflowing with cash and bank deposits.