Briscoe noted that China's 10-year bond yields around 3.60 percent after rallying around 100 basis points so far this year, compared with the U.S. 10-year Treasury yielding around 2.3 percent after rallying around 70 basis points over the same period. That also compares with lower-rated Portugal's 10-year bond yielding around 3.1 percent and Spain's at around 2.1 percent.
He expects the bond prices, which move inversely to yields, to rise further.
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"There's going to be a big shift when that currency opens up, when it goes into everybody's indexes," he said, noting this week's opening of the Hong Kong-Shanghai stock connect allowing cross-trading of equities on the two exchanges is a big step to internationalizing the Chinese currency.
But are China's government bonds really as safe as other countries'?
"[It] sounds like a pretty safe place -- with a AA rating -- to me, relative to a peripheral European bonds under-yielding," Briscoe said, noting that China is also the second-largest creditor nation and it has $4 trillion of foreign exchange reserves.
"The most conservative investors in the world -- the central banks -- are saying they're going to put anywhere from 5-25 percent of their foreign exchange reserves into Chinese government bonds," he added.
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To be sure, not everyone believes China's bonds are a good bet.
A higher yield doesn't necessarily mean the investment will pay off in the long run, Nizam Idris, head of strategy for fixed income at Macquarie, said, citing the growth and inflation outlook.
In September, China's inflation slowed to 1.6 percent on-year, the slowest since 2010, suggesting the economy there may be losing momentum.