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Foreign investors have emerged as the biggest buyers of government bonds in China's domestic market this year, a surprise development that is largely due to the inclusion of Chinese bonds in a major global index and the yuan's resilience.
外国投资者已成为今年中国境内市场政府债券的最大买家，出现这种意外情况的主要原因是，中国债券被纳入了一个主要的全球指数，以及人民币汇率较为稳定。
Those overseas investors, primarily big institutional investors as well as central banks and sovereign-wealth funds, have bought a net 229.4 billion yuan ($35.9 billion) of the government bonds in 2018. The second-place group of investors, Chinese brokerages, have net purchases of a total of 41 billion yuan.
这些境外投资者以大型机构投资者、央行和主权财富基金为主，今年已净买入人民币2,294亿元（合359亿美元）的政府债券。第二大买家是中国证券公司，净买入了人民币410亿元。
The surge in foreign buying has picked up since late March, when Bloomberg LP said it would add Chinese bonds to the Bloomberg Barclays Global Aggregate Index, becoming the first of the world's three major bond indexes to include them.
境外投资者的购买规模自3月底以来激增，当时彭博宣布，将把中国债券纳入彭博巴克莱全球综合指数，在全球三大债券指数中率先纳入中国债券。
"The index inclusion of the Chinese market has definitely had a big impact on demand because many global investors track such indexes when allocating their money," said Peter Ru, Shanghai-based chief investment officer for China fixed income at Neuberger Berman Investment Management.
路博迈投资管理公司上海分部的中国区固定收益首席投资官Peter Ru表示：“该指数纳入中国政府债券对需求无疑有较大影响，因为很多全球投资者在配置资金时追踪这些指数。”
Goldman Sachs Group Inc. estimated last year that Chinese bonds' eventual inclusion in the world's three major bond indexes -- JPMorgan Chase & Co. and Citigroup Inc. run the other two -- could trigger fund flows of up to $250 billion into the market.
高盛集团去年估计，中国债券最终被纳入全球三大债券指数可能推动多至2500亿美元资金流入该市场；摩根大通公司和花旗集团则运营着另外两个指数。
In all, foreign investors' holdings of Chinese government bonds had reached a record 836 billion yuan by the end of May, according to data provider Wind Info, double the amount a year ago and marking the 15th consecutive monthly rise.
据数据供应商万得资讯透露，截至5月底，外国投资者总计持有的中国政府债券达到创纪录的人民币8360亿元，较一年前增长一倍，连续第15个月攀升。
Their presence in Chinese domestic bonds is small overall, at 1.7% of the $12 trillion market. China's banks, insurers, brokerages and mutual funds dominate bond ownership.
中国境内债市规模达12万亿美元，整体来看外国投资者的持债比例不高，仅为1.7%。中资银行、保险公司、券商和共同基金是中国境内债券的主要持有机构。
"Despite the recent drop in Chinese bond yields, they remain attractive in the global context," said Liu Dongliang, senior analyst at China Merchants Bank.
中国招商银行高级分析师刘东亮称：“尽管中国债券收益率近期下滑，但是在国际上仍有吸引力。”
