Turmoil in China is spreading beyond emerging-markets specialists to conventional bond funds that bought debt from the country’s companies in recent years
Emerging-markets investors have long been subject to such shocks, but Chinese bonds are now so widely held that swings in their prices are affecting even bond funds that don’t specialize in developing countries, including funds managed by firms such as Pacific Investment Management Co. and BlackRock Inc.
Global bond funds with the most Chinese corporate debt lagged behind their benchmark indexes over the month that ended last Thursday, according to a Wall Street Journal analysis of data from Morningstar Inc. The underperformance coincides with declines in stocks and bonds of Chinese private education, technology and property companies, triggered by regulatory and policy changes.
Chinese authorities recently disclosed plans to make private education companies such as New Oriental Education & Technology Group Inc. nonprofit and to
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