SHANGHAI, March 7 (Reuters) - Offshore investors raised their holdings of Chinese government bonds for a 12th consecutive month in February, though at a slower pace than previous months.
The value of Chinese treasury bonds held by offshore investors rose by 23.9 billion yuan, or 3.6 percent, in February to a record 690.9 billion yuan ($109.22 billion), Reuters calculated from data issued by China Central Depository and Clearing Co (CCDC), the country's primary bond clearing house.
The increase was slower than the previous two months, with the month effectively shortened by a week-long Lunar New Year holiday.
Offshore holdings of Chinese treasury bonds grew 5.8 percent in December and 10 percent in January.
Offshore investors now account for 5.7 percent of total holdings of Chinese government bonds, the highest-ever proportion.
Offshore investors have increased their holdings of Chinese bonds amid expectations of yuan appreciation and relatively high yields.
China's yuan has gained around 2.8 percent versus the U.S. dollar so far this year, adding to a 6.8 percent rise in 2017.
The yield on 10-year Chinese treasury bonds was 3.865 percent on Wednesday. ($1 = 6.3256 Chinese yuan) (Reporting by Andrew Galbraith Editing by Eric Meijer)