Chinese government bonds are set to be included in the FTSE Russell world government bond index.

The changes came off the back of the index provider’s latest country classification review, with the inclusion reflecting China’s ongoing progress toward market reforms and increased access for global investors, according to FTSE Russell.

The inclusion is scheduled to start in October 2021 and FTSE Russell will confirm the official date next March, after its advisory committees and index users confirm recent regulatory reforms and infrastructure enhancements in the country are sufficient to meet investor needs.

“The Chinese authorities have worked hard to enhance the infrastructure of their government bond market,” said Waqas Samad, chief executive officer of FTSE Russell and group director of information services and the London Stock Exchange Group, in a press release. “Subject to affirmation in March 2021, international investors will be able to access the second largest bond market in the world through FTSE Russell’s flagship WGBI. We look forward to engaging with investors and regulators in the coming months in applying this process.”

In another fixed income classification news, FTSE Russell’s review concluded Malaysia’s government bonds will remain in the index, but also remain on the fixed income watch list for a possible downgrade.

As for equity markets, Vietnam remains on the watch list for reclassification as a secondary emerging market from its current frontier market status. And Russia has been added to the watch list to be reclassified as an advanced emerging market from its current classification as a secondary emerging market. Further, Argentina will be removed from the frontier market classification and become unclassified subject to capital controls not being removed by Sept. 28, 2020.