Foreign investors’ purchases of Chinese bonds will probably surge more than fourfold in the coming two years as global central banks diversify their reserves. Monetary authorities and supranational organizations will lead buying of about $48 billion each in 2017 and 2018, according to a Bloomberg News survey of 11 analysts. That’s more than four times the $12 billion last year. Inflows have slowed to $8 billion so far in 2016 as the yuan’s 4.2% decline sapped investor confidence. “There’s still huge potential for reserve managers to slowly diversify their reserves into the yuan,” said Paul Mackel, head of emerging-markets currency research at HSBC. While China opened up its bond markets in preparation for the yuan’s entry into the IMF’s Special Drawing Right, capital inflows have seen a limited impact.