The sovereign has climbed another three places in the global rankings compiled by Euromoney Country Risk, and is keeping pace with Bulgaria and Romania.

China’s risk score fell 1.5 points, to below 60 out of 100, for the first time in almost two years in Q3 2015. With Brazil in freefall and a US interest-rate hike on the cards, investor risk is rising for many – but not all – emerging markets (EMs), complicating portfolio selection.

Reforms are expected to gather pace in 2016, boosting the country’s investment prospects.