A slowing economy has driven foreign investors out of China bonds for a fifth straight month. China’s $20 trillion bond market has suffered continuous foreign outflows since February amid rising geopolitical tension and lingering Covid-19 outbreaks. In June, foreign holdings of yuan bonds traded on China’s interbank bond market totalled 3.57 trillion yuan ($527.5 billion) at the end of June, down from 3.66 trillion yuan a month earlier. The yield of 10-year Chinese central government bonds is roughly 12 basis points lower than that of their US counterparts, compared with a premium of nearly 130 basis points at the end…