SHANGHAI — China's Ping An Insurance said on Friday that bonds will continue to be the “core allocation” of its investment portfolio, even as China's central bank steps up efforts to quell a buying frenzy.
Bond investments totaled 3.158 trillion yuan ($442.4 billion) as of June, accounting for 60.7% of insurance fund investments, according to the group's financial report released Thursday. This figure increased by 414 billion yuan or 2.6 percentage points from December. By comparison, allocations to stocks increased by 0.2 percentage points to 6.4 percent, while equity funds decreased by 1 percentage point to 2.1 percent.