Dim Sum / CNH Yield

CNH-denominated bonds, highest yield first.

The offshore renminbi (CNH) bond market is increasingly capturing the attention of fixedincome investors seeking to diversify their portfolios away from G7 currency volatility while capturing competitive carry. As global central bank policies diverge, the CNH market offers a distinct yield profile, particularly for investors looking to gain exposure to highquality Chinese financial institutions within a stable, liquid framework. Current valuations in the CNH space present a compelling entry point for those focused on credit quality and consistent income generation. Among the standout opportunities, the ZHAPIE 2.45% 2029 bond remains a focal point for yieldoriented portfolios, currently offering a yieldtoworst of 1.947%. This instrument exemplifies the sector's ability to provide reliable returns, serving as a benchmark for investors evaluating the relative value of Chinese financial credit against broader emerging market benchmarks.