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BloombergU.S. Debt Rout Ignites Hunt for New Havens That Ends in China(Bloomberg) — An upstart contender to U.S. Treasuries has emerged in the wake of last month’s vicious debt rout.Chinese government bonds have defied the turbulence rocking peers from Australia to Europe, offering a port in the global reflation storm. JPMorgan Asset Management and Brandywine Global Investment Management LLC are among those who now see them mimicking the resilience that has afforded U.S. government debt the status of the world’s safest asset in times of crisis.The nation’s 10-year yield has been wedged in a tight eight basis-point range over the past month, even as price swings in the rest of the bond world have broken out. While that doesn’t automatically make Chinese bonds the go-to bulwark against volatility, it helps explain why a market once closed to most international investors is emerging as a shock absorber in wild pandemic trading.“At times when you’re seeing volatility in the developed markets like you’re seeing now, it’s a good place to keep your cash,” said Arjun Vij, who co-manages JPMorgan Asset Management’s $1.6 billion Global Bond Fund. “China government bonds are as good an asset as U.S. Treasuries when looking at long-term correlations…
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