China's $13 trillion bond market marks a milestone today. Here's what it means

Domestic Chinese bonds became part of a major global index on Monday, marking another milestone in the opening up of China's financial markets.

"Today marks an important milestone as China's capital markets continue to find their place in the global investment mainstream," said Justin Chan, HSBC's co-head of global markets in Asia Pacific. In particular, Chinese central government bonds have the highest foreign ownership at close to 8 percent, noted Khoon Goh, head of Asia research at ANZ bank, in a Monday report. But that's still"very low" compared to 35 percent for U.S. Treasurys and 28 percent for British government debt.

The inclusion of Chinese bonds into various indexes will push China to further reform its financial markets, said Neeraj Seth, managing director and head of Asian fixed income at global investment management firm BlackRock on Monday.

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