(Bloomberg) -- A money-market squeeze, capital controls and shrinking foreign-currency reserves may make it difficult for investors to be bullish on Chinese bonds. Not UBS Asset Management.

The money manager is not only betting on a rally in yuan-denominated notes in the second half of 2017 but also expects an upturn in foreign-investor interest that could double the size of the $9 trillion market in five years, according to Hayden Briscoe, the head of fixed income for Asia Pacific. There's one caveat: don't do anything just yet.

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