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Data: Wind Information; Chart: Chris Canipe/Axios

China's bond and equity markets have been slowly opening up to foreigners. They're now beginning to see fairly significant inflows that are growing much more quickly than foreign direct investment.

What's happening: Over the past 8 years, foreign investment in China's stocks and bonds has grown 6-fold to nearly $1.3 trillion, per Wind Information data shared by Seafarer Funds. And Americans are responsible for nearly half of that total, scooping up $535 billion worth of Chinese assets, with significant flows in recent months.

What they're saying: Nicholas Borst, director of China research at Seafarer Funds, writes ...

"A recent spate of reforms have led to a considerable opening of China’s capital account. Whether via the Stock Connect, the Bond Connect, the expansion of the Qualified Foreign Institutional Investor (QFII) program, or direct access to the interbank bond market, foreign investors have an unprecedented ability to buy and sell Chinese securities."
"Capital inflows into China have increased significantly, even amid the volatilities of its economy and stock markets."

Yes, but: The level of Chinese assets owned by American investors is still low compared to U.S.-based funds and even to other emerging markets, Borst tells Axios. The current level of investment represents less than 5% of total U.S. investor holdings.

  • "Consequently, it’s hard to argue that U.S. investors play an important role as a source of capital for domestically listed Chinese companies."

Go deeper: Chinese investment in the U.S. has dropped nearly 90% since Trump took office

Go deeper

Two officers shot in Louisville amid Breonna Taylor protests

Police officers stand guard during a protest in Louisville, Kentucky. Photo: Ben Hendren/Anadolu Agency via Getty Images

Louisville Metro Police Department said two officers were shot downtown in the Kentucky city late Wednesday, just hours after a grand jury announced an indictment in the Breonna Taylor case.

Driving the news: Metrosafe, the city's emergency services, said it received reports of a shooting at South Brook St. and Broadway Ave., near the area where protests were taking place. A police spokesperson told a press briefing the injuries of both officers were not life-threatening. One officer was "alert and stable" and the other was undergoing surgery, he said.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 31,778,331 — Total deaths: 974,436 — Total recoveries: 21,876,025Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 6,943,078 — Total deaths: 201,930 — Total recoveries: 2,670,256 — Total tests: 97,459,742Map.
  3. Health: CDC director says over 90% of Americans have not yet been exposed to coronavirus — Supply shortages continue to plague testing.
  4. Politics: Missouri Gov. Mike Parson tests positive for coronavirus — Poll says 51% of Republicans trust Trump on coronavirus more than the CDC.
  5. Technology: The tech solutions of 2020 may be sapping our resolve to beat the coronavirus
  6. Vaccines: Johnson & Johnson begins large phase 3 trial — The FDA plans to toughen standards.
  7. Sports: Less travel is causing the NBA to see better basketball.
  8. Future: America's halfway coronavirus response

Biden: Breonna Taylor indictment "does not answer" call for justice

Former Vice President Joe Biden. Photo: Leigh Vogel/Getty Images

Former Vice President Joe Biden on Wednesday condemned the grand jury indictment of a Louisville police officer who entered Breonna Taylor's home in March in a botched drug raid that led to her death, saying in a statement the decision "does not answer" for equal justice.

The big picture: Biden called for reforms to address police use of force and no-knock warrants, while demanding a ban on chokeholds. He added that people "have a right to peacefully protest, but violence is never acceptable."

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