The survey, which polled 85 SWFs and 57 central banks managing a combined $21 trillion, found that India beat China in the EM debt sweepstakes. While the share of SWFs that found Chinese debt attractive fell from 71% in 2022 to 51% in 2023, those who found Indian debt attractive rose to 76% in 2023 from 66% in 2022.
Separately, central bankers are increasingly exploring diversification into EM currencies to hedge against volatility, the Invesco Global Sovereign Asset Management. Study found. Among 25 central banks that responded, 72% plan to raise exposure to India and South Korea, which polled as the most attractive destinations in emerging markets.
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