China's bond market has largely been off-limits to global investors, but regulatory reform is opening up the sector. Singapore has gained acceptance into the Renminbi Qualified Foreign Institutional Investor scheme. RQFII participants can use renminbi held offshore to invest in Chinese bonds, stocks, money market funds and other assets. "As the market opens up, it's going to become one of the most important capital markets in the world," said Geoff Lunt, Asian fixed-income product specialist at HSBC Global Asset Management. "It stands to reason that it will be an important asset class for global investors."

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