The total holdings of onshore renminbi bonds by foreign investors have surpassed $640 billion so far, marking a historically high level, data from the State Administration of Foreign Exchange (SAFE) showed.

In the first three quarters of the year, foreign investment in Chinese bonds saw a continuous and stable influx, amassing over $80 billion in net increases, the administration said at a news conference on Tuesday.

Li Hongyan, deputy head of SAFE, said global investors have shown enhanced appetite for renminbi-denominated assets as net foreign purchases of Chinese stocks have increased since late September, driven by the rally in domestic equities.

"Foreign investment in China's capital markets is still in a nascent stage, with holdings of renminbi-denominated assets accounting for 3 percent to 4 percent of the domestic bond and stock markets. There is room for further growth given a multitude of favorable factors," Li said.

According to Li, central banks and commercial banks from abroad are the primary investors of Chinese bonds, who prefer medium and long-term bonds, such as treasury bonds and bonds issued by policy-oriented banks.