Illustration: Eniola Odetunde/Axios

The amount of foreign money flowing into onshore Chinese bonds more than doubled in May from its previous monthly total and the proportion of the bonds held by foreign investors rose to the highest level on record, Chinese government data showed.

What's happening: Ultra-low bond yields in the U.S., eurozone and other developed markets seem to be driving money to China, even as its yuan currency depreciates below 7-to-1 against the dollar.

  • The increase from April to May was the largest in 18 months, South China Morning Post reported.
  • “Overseas investors are showing great interest in the Chinese bond market because its sovereign treasury bonds have relatively strong returns,” Robin Xing, Morgan Stanley’s chief China economist, told SCMP.

Yes, but: The numbers are still very small. The outstanding positions of onshore Chinese bonds owned by non-mainland investors was only $343.4 billion at the end of May, or 2.6% of the total.

Of note: In April, data showed foreign investors holdings of U.S. Treasury bonds fell to its lowest level since December, while foreign holdings of U.S. corporate bonds rose to the highest since September, another sign investors are willing to trade safety for yield.

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Sep 22, 2020 - World

Study: China's economic policies directly harmed U.S. industries

Illustration: Eniola Odetunde/Axios

China's economic planning and targeted subsidies have increased the competitiveness of Chinese firms in the global economy to the direct detriment of U.S. industry, an academic study has found.

Why it matters: When it comes to American industries and workers, the rise of Chinese industrial policy hasn’t been a win-win — researchers found for every 100 factories opened in China, 12.5 U.S. factories in the same industry closed.

Sep 22, 2020 - World

Poll finds bipartisan consensus on sanctioning China over human rights abuses

Data: The Chicago Council on Global Affairs; Note: Total survey sample of 2,011, with a ±2.3% margin of error for the full sample; Chart: Andrew Witherspoon/Axios

Democrats and Republicans have sharply differing views on some aspects of foreign policy and national security. But when it comes to China, there is some degree of consensus, according to a new survey by the Chicago Council on Global Affairs.

Details: There is widespread support across party lines for sanctions to combat China's human rights violations, as well as measures to protect Americans from the potential risks of Chinese technology.

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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 10 p.m. ET: 32,471,119 — Total deaths: 987,593 — Total recoveries: 22,374,557Map.
  2. U.S.: Total confirmed cases as of 10 p.m. ET: 7,032,524 — Total deaths: 203,657 — Total recoveries: 2,727,335 — Total tests: 99,483,712Map.
  3. States: "We’re not closing anything going forward": Florida fully lifts COVID restaurant restrictions — Virginia Gov. Ralph Northam tests positive for coronavirus.
  4. Health: Young people accounted for 20% of cases this summer.
  5. Business: Coronavirus has made airports happier places The expiration of Pandemic Unemployment Assistance looms.
  6. Education: Where bringing students back to school is most risky.