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China's central bank is now rock of stability in a turbulent world

Yuan, China's government bonds and its bank stocks emerge as safe havens

| China
PBOC Gov. Yi Gang is projecting a reassuring image of stable, technocratically determined monetary policy.    © Reuters

Henny Sender is a strategic consultant to financial services companies and was previously a managing director at investment company BlackRock and a correspondent for the Financial Times.

2022 was not a very good year for major global government bond markets. Only one produced positive returns, while the rest registered losses ranging from negative 5.8% in Japan to 25.2% below zero in the U.K.

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