Investors have struggled to avoid losses this year and there aren’t many asset classes in positive territory as 2018 comes to a close. A rare refuge is the Chinese bond market, which many Western investors are entering for the first time.

A Bank of America Merrill Lynch index of Chinese government debt has returned 7.6% to investors this year. Corporate bonds have offered 6.9% and the bonds of China’s official policy banks — institutions like China Development Bank — have returned 9.9%. The index reflects both changes in bond values and interest payments received.