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Reproduced from the Institute of International Finance; Chart: Axios Visuals

Despite the pandemic ravaging investor confidence early in 2020, U.S. and European investors flocked to Chinese debt, pushing the level of foreign investment in China's bonds to a record high and more than double its 2019 level, data from the Institute of International Finance show.

What happened: Chinese government and policy bank bonds were added to the Bloomberg Barclays Global Aggregate Index beginning in April 2019 and in September JPMorgan announced that they would add China's government bonds to its highly followed EM global bond index.

  • China's weight in the index reached 10% in November.

Between the lines: Total inflows to emerging markets declined by just $48 billion from 2019's levels, "an impressive reading considering that the COVID-19 shock meant one of the deepest and most violent outflow episodes on record," IIF says in a report.

Watch this space: The fourth quarter of 2020 saw $179.6 billion of EM inflows, the strongest quarter for the asset class since just before the “taper tantrum” in 2013, which caused significant EM outflows for years.

Why you'll hear about this again: U.S. lawmakers have worked to restrict American investment in China by imposing regulations on Chinese companies' equity offerings.

  • However, as China's debt, which offers yields at more than 3% (about three times comparable U.S. offerings), becomes more mainstream, more funds will likely flow into the country.

Go deeper

Jan 29, 2021 - World

WHO team visits China hospital that treated first COVID-19 patients

Members of the WHO team investigating the origins of the COVID-19 pandemic. Photo: Hector Retamal/AFP via Getty Images

A World Health Organization team of researchers on Friday visited a hospital in Wuhan where China says some of the first coronavirus patients were treated, AP reports.

Why it matters: Friday marks the first in-person day of the team's investigation into the origin of the coronavirus pandemic, almost a year since the first cases were reported.

U.S. indexes see worst day since October amid short squeeze chaos

Photo: Angela Weiss/AFP via Getty Images

Equity prices tumbled Wednesday, with U.S. indexes booking their worst day since October, but traditional hedging assets like Treasury bonds, the Japanese yen and gold saw minimal gains or losses, continuing a trend that has been in place for more than a year.

By the numbers: The S&P, Dow and Nasdaq all fell by more than 2%, but the benchmark 10-year U.S. Treasury yield declined by just 1 basis point from its closing level on Tuesday.

Mike Allen, author of AM
3 mins ago - Economy & Business

Charted: GOP surged as Biden slumped

Expand chart
Reproduced from Gallup. (Independents were asked their party leaning.) Chart: Axios Visuals

Gallup polling found a huge shift in party preference over the course of 2021, from a 9-point Democratic advantage in the first quarter to a 5-point Republican edge in the fourth quarter.

Why it matters: It's the biggest swing in one calendar year for Gallup's 30 years of tracking.