{"id":18811,"date":"2021-11-22T12:49:56","date_gmt":"2021-11-22T11:49:56","guid":{"rendered":"http:\/\/starthostunlimiteddmffassi-ss.stackstaging.com\/etfworld.fr\/?p=18811"},"modified":"2021-11-22T14:42:30","modified_gmt":"2021-11-22T13:42:30","slug":"spdr-strategy-espresso-pourquoi-investir-dans-la-dette-chinoise","status":"publish","type":"post","link":"https:\/\/www.etfworld.com\/fr\/spdr-strategy-espresso-pourquoi-investir-dans-la-dette-chinoise\/","title":{"rendered":"SPDR Strategy Espresso: Pourquoi investir dans la dette chinoise ?"},"content":{"rendered":"

SPDR Strategy Espresso : La dette chinoise pr\u00e9sente diverses caract\u00e9ristiques int\u00e9ressantes<\/span>…<\/p>\n

<\/p>\n

Inscrivez-vous pour recevoir les Newsletters gratuites de ETFWorld.fr<\/span><\/strong><\/a><\/p>\n

\n

SPDR \/ Strategy Espresso<\/strong><\/p>\n

\n

Antoine Lesn\u00e9, Responsable de la Recherche et de la Strat\u00e9gie de SPDR<\/strong><\/p>\n

\n

la diversification, l’\u00e9cart <\/span>de rendement qu\u2019elle pr\u00e9sente par rapport aux <\/span> principaux march\u00e9s obligataires des pays <\/span>d\u00e9velopp\u00e9s, et le potentiel d’appr\u00e9ciation de la monnaie \u00e0 long terme.<\/span><\/p>\n

Quels avantages en termes de diversification<\/span> ?<\/span><\/h6>\n

Les obligations chinoises <\/span>sont sur le devant de la sc\u00e8ne<\/span>, puisqu’elles <\/span>ont rejoint<\/span> l’indice FTSE <\/span>World Government Bond depuis le mois dernier. Elles repr\u00e9sentent <\/span>un volume<\/span> important et <\/span>liquide de titres, mais pr\u00e9sentent d’autres avantages substantiels pour les investisseurs. Elles <\/span>sont toujours class\u00e9es dans la cat\u00e9gorie des titres de c<\/span>r\u00e9ance des <\/span> \u00ab<\/span> march\u00e9s en <\/span>d\u00e9veloppement<\/span> \u00bb<\/span>, ce qui signifie<\/span> leur<\/span> faible<\/span> synchronisation <\/span> avec les <\/span> cycles <\/span> des grandes <\/span>politiques <\/span> publiques <\/span> : <\/span> par exemple, <\/span> la Banque populaire de Chine (PBoC) a assoupli sa <\/span>politique<\/span>,<\/span> alors <\/span>que d\u2019autres<\/span> banques centrales telles que la Fed et la Banque d’Angleterre se <\/span>pr\u00e9parent <\/span>au contraire \u00e0 resserrer <\/span>leur politique mon\u00e9taire. <\/span>De fait, les obligations chinoises <\/span>
pr\u00e9sentent <\/span> une faible corr\u00e9lation avec la plupart des march\u00e9s d\u00e9velopp\u00e9s, ce qui signifie <\/span>qu<\/span>\u2019e<\/span>lles<\/span> peuvent offrir des avantages de diversification relativement attra<\/span>ctifs<\/span> pour les <\/span>investisseurs <\/span>en obligations mondiales<\/span> (voir <\/span>tableau<\/span> ci<\/span>–<\/span>dessous).<\/span><\/p>\n

Faible <\/span>corr\u00e9lation avec les principaux march\u00e9s obligataires d\u00e9velopp\u00e9s<\/span> (en termes non couverts en USD)<\/span><\/strong><\/p>\n

\"22-11-21<\/p>\n

Am\u00e9liorer son rendement<\/span> en portefeuille<\/span><\/h6>\n

Les obligations chinoises offrent \u00e9galement un<\/span> po<\/span>tentiel de<\/span> rendement attra<\/span>ctif<\/span> par rapport <\/span>aux obligations d’Etat des principaux march\u00e9s d\u00e9velopp\u00e9s. <\/span>N<\/span>ous pensons que les obligations chinoises devraient g\u00e9n\u00e9rer des rendements sup\u00e9rieurs \u00e0 <\/span>ceux des principales obligations d’\u00c9tat <\/span> d\u00e9velopp\u00e9s<\/span> \u00e0 moyen et long terme. <\/span> Notre analyse<\/span> repose sur l<\/span>e diff\u00e9rentiel de<\/span> rendement <\/span>d\u2019ores et d\u00e9j\u00e0 <\/span>existant de la Chine par <\/span>rapport aux <\/span>principales obligations d’Etat<\/span>s d\u00e9velopp\u00e9s<\/span>, ainsi que sur no<\/span>s anticipations porteuses autour <\/span>du Yuan (<\/span>CNY<\/span>)<\/span>. <\/span>En<\/span> rendement r\u00e9el, les obligations chinoises <\/span>affichent des chiffres ajust\u00e9s de <\/span>l\u2019inflation positifs<\/span> :<\/span> une denr\u00e9e rare dans le monde actu<\/span>el.<\/span><\/p>\n

Le potentiel d\u2019appr\u00e9ciation du Yuan<\/span><\/strong><\/h6>\n

\u00c0 long terme, nous avons une opinion constructive sur le <\/span>Yuan (<\/span>CNY<\/span>)<\/span> du fait de la r\u00e9silience <\/span>affich\u00e9e par la croissance chinoise<\/span> par rapport aux <\/span>autres <\/span>principaux march\u00e9s <\/span>d\u00e9velopp\u00e9s <\/span>comme \u00e9mergents<\/span>. <\/span> Un avis que vient<\/span> encore renforcer <\/span> l’ouverture continue des march\u00e9s <\/span>financiers chinois (par exemple, l<\/span>eur r\u00e9cente <\/span>inclusion dans l’indice obligataire mondial) et <\/span>la <\/span>mont\u00e9e en puissance du Yuan en tant que <\/span>monnaie internationale (<\/span>\u00e0 titre d\u2019e<\/span>xemple, la part <\/span>de march\u00e9 de la m<\/span>onnaie chinoise en tant que monnaie de r\u00e9serve internationale a <\/span>clairement <\/span>augment\u00e9 depuis son <\/span>int\u00e9gration <\/span>dans le panier de cinq monnaies DTS du Fonds <\/span>M<\/span>on\u00e9taire <\/span>I<\/span>nternational). Selon nous, le march\u00e9 obligataire chinois onshore constitue un moyen <\/span>relativem<\/span>ent prudent d’acc\u00e9der <\/span>au potentiel porteur de cette devise \u00e0 long terme.<\/span><\/p>\n

Toutefois, il peut \u00eatre tr\u00e8s difficile de se positionner activement<\/span> sur les devises,<\/span> en fonction <\/span>de<\/span> leur<\/span>s fluctuations \u00e0 court terme<\/span>, quelles qu\u2019elles soient<\/span>. En tant que march\u00e9 <\/span>\u00e9merg<\/span>ent<\/span>, la <\/span>Chine est toujours sujette aux <\/span>revirements soudains de confiance <\/span>des investisseurs et \u00e0 la <\/span>volatilit\u00e9 \u00e0 court terme. Les investisseurs actifs peuvent choisir de se couvrir s’ils sont <\/span>pr\u00e9occup\u00e9s <\/span> par certains<\/span> risques \u00e0 court terme <\/span> (<\/span>ralentissement de la croissance chinoise, <\/span>assouplissement de<\/span> la politique de<\/span> la PBoC, tensi<\/span>ons avec les \u00c9tats<\/span>–<\/span>Unis<\/span>, <\/span>risques <\/span>cr\u00e9dit sur la <\/span>zone)<\/span>. <\/span> L<\/span>es investisseurs potentiels <\/span> doivent toutefois garder \u00e0 l\u2019esprit le<\/span> co\u00fbt<\/span>,<\/span> \u00e9lev\u00e9<\/span>,<\/span> de la <\/span>couverture<\/span>. Ainsi, pour pouvoir se couvrir, l<\/span>es investisseurs bas\u00e9s en USD doivent payer le <\/span>
taux d’int\u00e9r\u00eat \u00e0 court <\/span>terme de pr\u00e8s de 3 % <\/span>sur le Yuan. <\/span><\/p>\n

Diff\u00e9rentes mani\u00e8res de s\u2019<\/span>expos<\/span>er<\/span> aux obligations d’\u00c9tat chinoises<\/span><\/strong><\/h6>\n

Les obligations d’\u00c9tat chinoises ont b\u00e9n\u00e9fici\u00e9 d’un fort afflux de capitaux, la Chine <\/span> ayant <\/span>d\u00e9sormais int\u00e9gr\u00e9<\/span> un plus grand nombre d’indices d’obligations<\/span> d’\u00c9tat de pays \u00e9mergents et <\/span>mondiaux. Les allocations <\/span>\u00ab<\/span> ind\u00e9pendantes<\/span> \u00bb, visant \u00e0 s\u2019exposer directement aux<\/span> obligations <\/span>chinoises<\/span>,<\/span> sont \u00e9galement de plus en plus courantes, les investisseurs cherchant \u00e0 la fois \u00e0 <\/span>am\u00e9liorer le<\/span>ur<\/span>s rendements et \u00e0 r\u00e9duire la<\/span> volatilit\u00e9 de leurs avoirs obligataires <\/span> en se <\/span>diversifiant.<\/span><\/p>\n

Pour les investisseurs qui cherchent \u00e0 atteindre ces objectifs <\/span>via des <\/span>ETF<\/span>s<\/span>, i<\/span>l est important de <\/span>comprendre<\/span> les <\/span>diff\u00e9rences les plus saillantes entre les <\/span>indices<\/span>,<\/span> afin de mieux comprendre <\/span>et <\/span>d\u00e9ci<\/span>der de la mani\u00e8re la plus opportune de s\u2019exposer <\/span> \u00e0 la Chine dans le<\/span> cadre de leur<\/span> portefeuille obligataire.<\/span><\/p>\n

Source: ETFWordl.fr<\/p>\n","protected":false},"excerpt":{"rendered":"

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