China’s growth story and the willingness to internationalise the currency has seen strong interest from investors for renminbi exposure to boost returns and portfolio diversification.
Recently a number of market commentators have said the short term outlook for the currency’s appreciation looks limited, but asset managers say investors should not be perturbed as the fundamental principles for investing in it remain in place.
The latest Chinese GDP figures from last year, of 8.9 per cent year on year growth, are down a bit from the previous 9.1 per cent but hardly a sign of a “hard landing”, says Michael Hasenstab, portfolio manager in the Franklin Templeton fixed income group.
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