Exclusive-JPMorgan proposes new Asia credit index with lower China weighting -sources

HONG KONG : JPMorgan is proposing a new Asia credit index with slashed China weighting in parallel to its existing $85 billion Asia credit index, two sources said, amid growing geopolitical tensions and dimming appetite for Chinese property bonds.

Many large global money managers are steering clear of Chinese assets, missing out on the nation's post-COVID stock market rally in the latest example of strategic concerns trumping juicy returns. JPMorgan describes the new index, named JACI Asia Pacific, as an"enhanced" version of JACI with added exposure to more Asia-Pacific markets such as Japan, Australia, New Zealand and Papua New Guinea, the source said. JACI is a premier Asia credit index, tracked by fund managers controlling more than $85 billion worth of assets, according to the January proposal.

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