Chinese bonds will enter the Global Ag index less than a year from now. How will this impact developed market bond portfolios? This report analyses the characteristics of Chinese bonds within the context of a portfolio of US, German, Japanese and UK bonds using ten years of data. The conclusion is that Chinese bonds will play an important role in developed market bonds portfolios regardless of the currency basis of the portfolio. This is due to the higher yields, low volatility and modest correlations of Chinese bonds. This report complements the March 2018 Emerging View, which examined the same question from the perspective of an EM local currency government bond portfolio.