Monetary Policy and Economic Outlook - The Central Political Bureau of the Communist Party of China decided to hold the Fourth Plenary Session of the 20th Central Committee in October to discuss the 15th Five-Year Plan for economic and social development, emphasizing the need for stable and flexible policies[5] - The government plans to allocate approximately 90% of the 90 billion yuan budget for childcare subsidies from the central finance[6] Market Trends - The bond market showed signs of recovery, with the yield on the 10-year government bond decreasing by 2.75 basis points to 1.7200%[16] - The U.S. Federal Reserve maintained the federal funds rate at 4.25% to 4.5%, marking the fifth consecutive meeting without changes, while the U.S. GDP grew at an annualized rate of 3% in Q2, surpassing expectations[8][9] Financial Market Performance - The bond market experienced a net cash injection of 158.5 billion yuan on July 30, following a 3,090 billion yuan reverse repurchase operation by the central bank[12] - The weighted average interest rates for various repo transactions showed a downward trend, with DR001 and DR007 rates falling to 1.315% and 1.518%, respectively[13][14] Commodity Prices - International crude oil prices increased, with WTI rising by 1.36% to $70.99 per barrel, while natural gas prices fell by 1.89% to $3.016 per MMBtu[10] Bond Issuance and Trading - The bond auction results indicated a competitive bidding environment, with the 1-year agricultural development bond receiving a bid-to-cover ratio of 2.3[18] - The convertible bond market saw a decline, with major indices dropping, and a total trading volume of 84.376 billion yuan, down by 5.53 billion yuan from the previous day[24]

Report Overview - The report is a gold weekly report covering the period from July 28, 2025, to August 3, 2025, analyzing the gold market's performance and influencing factors [1][2] Report Industry Investment Rating - Not provided in the report Core Viewpoints - Last week, the US job market unexpectedly cooled, leading to a significant rebound in the outer - market gold price. The international gold price first declined and then rose, showing an overall obvious increase. This week, the gold price is expected to fluctuate upwards [2][3] Summary by Directory 1. Last Week's Market Review 1.1 Gold Spot and Futures Price Trends - On August 1, the Shanghai gold futures price closed at 770.72 yuan/gram, down 0.85% from the previous week; the COMEX gold futures price closed at $3416/ounce, up 2.41%. The gold T + D spot price closed at 767.18 yuan/gram, down 0.77%, and the London gold spot price closed at $3362.64/ounce, up 0.79% [5][8] 1.2 Gold Basis - On August 1, the international gold basis (spot - futures) was - $13.25/ounce, down $27.65 from the previous week; the Shanghai gold basis was - 0.26 yuan/gram, up 0.83 yuan from the previous week [9] 1.3 Gold Inner - Outer Disk Spread - The gold inner - outer disk spread fell significantly to - 17.48 yuan/gram. The gold - to - oil ratio decreased slightly, the gold - to - silver ratio increased significantly, and the gold - to - copper ratio rose significantly [12] 1.4 Position Analysis - In terms of spot positions, the gold ETF holdings decreased slightly. The global largest SPRD gold ETF fund holdings were 953.08 tons, down 4.01 tons. The domestic gold T + D cumulative trading volume decreased by 31.31%. In terms of futures positions, as of July 29, the net long positions of gold CFTC asset management institutions decreased significantly. The COMEX gold futures inventory and the SHFE gold inventory increased [16] 2. Macro - fundamentals 2.1 Important Economic Data - The US Treasury's borrowing expectation for the third quarter exceeded $1 trillion. The US June JOLTS job openings were lower than expected, and the new hires decreased significantly. The US important housing price index fell for three consecutive months. The US second - quarter real GDP annualized quarterly rate was better than expected, but the core PCE price index was higher than expected. Japan's central bank maintained the interest rate and raised the inflation forecast. The US July non - farm payrolls were far lower than expected [21][22][23][24][25][26][27] 2.2 Federal Reserve Policy Tracking - In July, the Fed maintained the federal funds rate target range at 4.25% - 4.50%. Powell cooled the market's expectation of a September rate cut. Some Fed officials believed the labor market was still stable, and inflation was the main concern [38][39][40] 2.3 US Dollar Index Trend - Last week, the US dollar index first rose and then fell, with a slight increase of 1.04% to 97.67 [41] 2.4 US TIPS Yield Trend - The US 10 - year TIPS yield fluctuated downward, down 6bp to 1.90% [42] 2.5 International Important Event Tracking - The Middle East and the Russia - Ukraine situation were at a stalemate, which may increase market risk aversion [45]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - On July 30, the central bank conducted continuous net injections, leading to a balanced and slightly loose liquidity situation. The bond market showed a significant recovery, while the main indices of the convertible bond market closed down collectively, with most individual convertible bonds declining. Yields of U.S. Treasury bonds across various maturities generally increased, and yields of 10-year government bonds in major European economies also mostly rose [1]. Summaries by Directory I. Bond Market News (1) Domestic News - The Political Bureau of the CPC Central Committee decided to hold the Fourth Plenary Session of the 20th CPC Central Committee in October to discuss the 15th Five-Year Plan. It emphasized maintaining policy continuity and stability, implementing proactive fiscal and moderately loose monetary policies, and taking measures in multiple aspects such as supporting innovation, consumption, and resolving local government debt risks [3]. - The CPC Central Committee held a symposium with non - Communist Party personages, with General Secretary Xi Jinping stressing the need to adhere to the general principle of making progress while maintaining stability in the second half of the year, aiming to achieve the annual economic and social development goals [4]. - The central government plans to allocate about 90 billion yuan for child - rearing subsidies this year, with the central finance bearing about 90% of the funds for the national basic standard [4][5]. - The National Development and Reform Commission solicited public opinions on guiding the layout and investment of government investment funds to prevent homogenization and crowding - out effects [5]. - The National Association of Financial Market Institutional Investors issued a notice to regulate the book - building issuance and underwriting in the inter - bank bond market from August 11, 2025 [6]. (2) International News - The Federal Reserve kept the federal funds rate target range at 4.25% - 4.5% for the fifth consecutive meeting. Some members advocated a 25 - basis - point rate cut, and Fed Chairman Powell dampened market expectations of a September rate cut [7]. - The U.S. Q2 real GDP annualized quarterly growth rate was 3%, reversing the Q1 decline and exceeding expectations. The core PCE price index was 2.5%, down from the previous value but higher than expected. However, there are concerns about the economic recovery, such as weakening domestic demand [9]. (3) Commodities - On July 30, international crude oil futures prices continued to rise, while international natural gas prices continued to fall. WTI crude oil rose 1.36% to $70.99 per barrel, Brent crude oil rose 1.47% to $73.47 per barrel, COMEX gold futures fell 1.72% to $3266.90 per ounce, and NYMEX natural gas prices fell 1.89% to $3.016 per ounce [10]. II. Liquidity (1) Open Market Operations - On July 30, the central bank conducted 309 billion yuan of 7 - day reverse repurchase operations at an interest rate of 1.40%. With 150.5 billion yuan of reverse repurchases maturing, the net injection was 158.5 billion yuan [12]. (2) Funding Rates - Due to continuous net injections by the central bank on July 30, the liquidity was balanced and slightly loose, and major repurchase rates continued to decline. For example, DR001 dropped 4.81bp to 1.315%, and DR007 dropped 4.67bp to 1.518% [13]. III. Bond Market Dynamics (1) Interest - Rate Bonds - **Spot Bond Yield Trends**: After the Political Bureau meeting on July 30, the bond market recovered significantly. By 20:00, the yield of the 10 - year Treasury bond active bond 250011 dropped 2.75bp to 1.7200%, and the yield of the 10 - year China Development Bank bond active bond 250210 dropped 3.25bp to 1.8040% [16]. - **Bond Tendering Results**: Details of the tendering results of several agricultural bonds, including the issuance scale, winning yields, and multiples, were provided [17]. (2) Credit Bonds - **Secondary Market Transaction Anomalies**: On July 30, the trading price of one industrial bond, "H0 Yangcheng 04", deviated by more than 10%, rising over 747% [17]. - **Credit Bond Events**: Multiple credit - related events occurred, such as asset freezes of some companies, changes in credit ratings, and cancellations of bond issuances [18]. (3) Convertible Bonds - **Equity and Convertible Bond Indices**: On July 30, the A - share market weakened in the afternoon. The Shanghai Composite Index rose 0.17%, while the Shenzhen Component Index and the ChiNext Index fell 0.77% and 1.62% respectively. The main indices of the convertible bond market closed down collectively, and most individual convertible bonds declined [20]. - **Convertible Bond Tracking**: Companies such as Hang Lung Properties reported their performance, and there were announcements regarding bond payments, revisions of conversion prices, and decisions on early redemptions [23][24][25]. (4) Overseas Bond Markets - **U.S. Bond Market**: On July 30, yields of U.S. Treasury bonds across various maturities generally increased. The 2 - year U.S. Treasury bond yield rose 8bp to 3.94%, and the 10 - year yield rose 4bp to 4.38%. The yield spreads between 2 - year and 10 - year, and 5 - year and 30 - year U.S. Treasury bonds narrowed [26][27]. - **European Bond Market**: On July 30, the 10 - year UK government bond yield dropped 4bp, while yields of 10 - year government bonds in other major European economies mostly rose [29]. - **Daily Price Changes of Chinese - Issued Dollar Bonds**: The daily price changes of Chinese - issued dollar bonds as of July 30 were presented, including the price changes, credit entities, bond codes, and other information of top - rising and top - falling bonds [31].

Economic Indicators - China's manufacturing PMI for July is 49.3%, a decrease of 0.4 percentage points from the previous month, indicating contraction in the manufacturing sector[5] - Non-manufacturing business activity index and composite PMI output index are at 50.1% and 50.2%, respectively, both above the critical point, suggesting overall economic expansion[5] Monetary Policy and Market Operations - The People's Bank of China conducted a 7-day reverse repurchase operation of 283.2 billion yuan at an interest rate of 1.40% on July 31, resulting in a net withdrawal of 47.8 billion yuan for the day[11] - Despite the net withdrawal, the overall funding environment remains balanced and slightly loose, with DR001 and DR007 rates rising to 1.396% and 1.554%, respectively[12] Bond Market Dynamics - In June, the bond market issued a total of 87,939.5 billion yuan in various bonds, with government bonds accounting for 15,903.9 billion yuan and corporate credit bonds for 14,257.3 billion yuan[6] - On July 31, the yield on the 10-year government bond decreased by 1.45 basis points to 1.7055%[15] International Economic Developments - The U.S. core PCE price index for June rose to 2.8%, the highest level in four months, while real consumer spending only increased by 0.1%[7] - The Bank of Japan maintained its interest rate at 0.5% and raised its inflation forecast for the next two fiscal years, indicating a cautious approach to monetary policy amid global economic uncertainties[8] Commodity Market Trends - International crude oil prices saw a decline, with WTI September futures down 1.06% to $69.26 per barrel, while natural gas prices increased by 2.79% to $3.100 per MMBtu[9] Stock Market Performance - On July 31, major A-share indices fell, with the Shanghai Composite Index down 1.18%, and the total trading volume reached 1.96 trillion yuan[20] - The convertible bond market also declined, with major indices down approximately 0.92%[20]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - On August 1, after the month - end, the money market was abundant with major repo rates declining. The yield of major interest - rate bonds in the inter - bank market generally decreased, and the convertible bond market rebounded. The yields of US Treasury bonds across different maturities dropped significantly, and the yields of 10 - year government bonds in major European economies showed a divergent trend [1] 3. Summary by Directory 3.1 Bond Market News 3.1.1 Domestic News - From August 8, 2025 (inclusive), the VAT on the interest income of newly issued treasury bonds, local government bonds, and financial bonds will be restored. Natural persons buying treasury bonds with a monthly limit of no more than 100,000 yuan will enjoy the VAT exemption on interest income until December 31, 2027 [3] - The central bank will use the re - loan policy for scientific and technological innovation and technological transformation to promote the rapid growth of loans to science - and - technology small and medium - sized enterprises. The State Administration of Foreign Exchange will optimize and improve the fund management of domestic enterprises' overseas listings [4] - As of August 1, 800 billion yuan of this year's "Two Major" construction project list has been fully allocated, and 69 billion yuan of the third - batch ultra - long - term special treasury bond funds for consumer goods trade - in have been allocated, with the fourth batch of 69 billion yuan to be allocated in October. The issuance progress of this year's ultra - long - term special treasury bonds has exceeded 60% [5][6] - The Ministry of Finance reported six typical cases of local government implicit debt accountability, requiring local governments to prevent and resolve implicit debt risks [7] - New policy - based financial instruments are expected to be launched soon, and infrastructure investment is expected to pick up in the second half of the year [8] 3.1.2 International News - In July, the non - farm payrolls in the US increased by 73,000, far lower than expected, and the data of the previous two months was significantly revised down by 258,000. The unemployment rate rose to 4.2% [9] - Two Fed officials said the labor market remained robust, and inflation was still the main consideration for policy - making [10] - On August 1, international crude oil futures prices continued to fall, and international natural gas prices declined slightly [11] 3.2 Money Market 3.2.1 Open Market Operations - On August 1, the central bank conducted 126 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 663.3 billion yuan due to the maturity of 789.3 billion yuan of reverse repurchases [13] 3.2.2 Funding Rates - On August 1, despite the large - scale net withdrawal by the central bank, the money market was abundant after the month - end, and major repo rates declined. DR001 dropped 8.18bp to 1.314%, and DR007 dropped 13bp to 1.424% [14] 3.3 Bond Market Dynamics 3.3.1 Interest - rate Bonds - **Spot Bond Yield Trends**: On August 1, affected by the stock - bond seesaw effect, the bond market fluctuated narrowly in the morning. After the Ministry of Finance announced the VAT on new treasury bonds in the afternoon, the bond market recovered. The yields of major interest - rate bonds in the inter - bank market generally declined, with long - term bonds showing larger fluctuations [16] - **Bond Tendering**: The tendering information of 25进出清发02 (Additional Issue 1), 25附息国债12 (Second Continued Issue), and 25超长特别国债03 (Continued Issue) was provided [18] 3.3.2 Credit Bonds - **Secondary Market Transaction Abnormalities**: On August 1, no credit bond transaction price deviated by more than 10% [18] - **Credit Bond Events**: Various credit - related events of companies such as Qingdao Huangdao Development, Zhejiang Xinchang Investment and Development were reported [20] 3.3.3 Convertible Bonds - **Equity and Convertible Bond Indexes**: On August 1, the three major A - share stock indexes fell, while the main convertible bond indexes rose. The convertible bond market rebounded, with most individual bonds rising [19] - **Convertible Bond Tracking**: Information on the approval of convertible bond issuance by companies such as Jinlang Technology and the expected trigger of conversion price downward adjustment and early redemption of some convertible bonds was reported [27] 3.3.4 Overseas Bond Markets - **US Bond Market**: On August 1, due to the weak non - farm data and significant downward revision of the previous value, the yields of US Treasury bonds across different maturities declined significantly. The yield spread between 2 - year and 10 - year US Treasury bonds and that between 5 - year and 30 - year US Treasury bonds widened [23][25] - **European Bond Market**: On August 1, the yields of 10 - year government bonds in major European economies showed a divergent trend [28] - **Daily Price Changes of Chinese - funded US Dollar Bonds**: The daily price changes of the top 10 Chinese - funded US dollar bonds with the largest gains and losses were reported [30]

Revenue Performance - In June 2025, the national general public budget revenue decreased by 0.3% year-on-year, a decline from May's 0.1%[1] - Tax revenue increased by 1.0% year-on-year, up from 0.6% in May, while non-tax revenue fell by 3.7%, a larger decline than the previous month's 2.2%[5] - For the first half of 2025, general public budget revenue cumulatively decreased by 0.3%, matching the performance from January to May[7] Expenditure Trends - In June 2025, general public budget expenditure grew by 0.4% year-on-year, down from 2.6% in May[1] - Cumulatively, general public budget expenditure increased by 3.4% in the first half of 2025, a slowdown from 4.2% in the previous period[9] - By June, general public budget expenditure completed 47.6% of the annual budget, slightly below the five-year average of 48.1%[9] Government Fund Insights - In June, government fund revenue surged by 20.8% year-on-year, a significant recovery from the previous month's decline of 8.1%[10] - Cumulatively, government fund revenue decreased by 2.4% in the first half of 2025, with land transfer revenue down by 6.5%[10] - Government fund expenditure in June increased by 79.2% year-on-year, driven by accelerated issuance of special bonds[10] Future Fiscal Policy Outlook - The Central Political Bureau meeting indicated that macro policies will continue to be proactive in the second half of 2025, emphasizing the need for increased government bond issuance and improved fund utilization[12] - Potential measures may include raising the fiscal deficit ratio and increasing the issuance of special bonds to stimulate domestic demand and counteract external economic slowdowns[12]

Group 1: Federal Reserve's Current Stance - The Federal Reserve maintained the federal funds rate target range at 4.25% to 4.5%, aligning with market expectations[2] - Two FOMC members voted against the decision, advocating for a 25 basis point rate cut[2] - The Fed's statement acknowledged a slowdown in economic activity during the first half of the year, indicating a shift from previous assessments[2][5] Group 2: Inflation and Economic Outlook - Powell expressed concerns about inflation, noting that tariffs are beginning to impact prices, particularly in categories like toys and furniture[3][4] - The June CPI data showed a rebound, suggesting rising inflationary pressures[3] - The second quarter GDP growth was reported at an annualized rate of 3%, significantly recovering from a -0.5% in the first quarter, largely due to a 5 percentage point contribution from net exports[8] Group 3: Future Rate Cut Expectations - The Fed is expected to implement 1-2 rate cuts within the year, with a higher likelihood of a cut in November rather than September[9] - The effective tariff rate is projected to remain around 15%-16%, which may lead to moderate inflation increases but is not expected to significantly impact overall inflation levels[6][9] - The Fed's decision-making will depend on clearer signals regarding the impact of tariffs on inflation and economic conditions[7][9]

Group 1: Manufacturing PMI Insights - In July 2025, China's manufacturing PMI decreased to 49.3%, down 0.4 percentage points from June[1] - The new orders index fell by 0.8 percentage points to 49.4%, indicating a return to contraction territory[2] - The production index was at 50.5%, down 0.5 percentage points, still in the expansion zone but affected by weak demand[2] Group 2: External and Internal Demand Factors - Weak external demand was reflected in the new export orders index, which dropped by 0.6 percentage points[2] - Domestic consumption growth has slowed, influenced by the real estate market adjustments and reduced effectiveness of previous growth-stimulating policies[2] - The service sector PMI was at 50.0%, down 0.1 percentage points, with tourism-related sectors performing well but overall service sector affected by real estate cooling[4] Group 3: Economic Outlook and Policy Implications - The overall economic pressure is increasing, with manufacturing PMI indicating a downturn after two months of recovery[5] - The central political bureau meeting emphasized the need for sustained macroeconomic policy support in the second half of the year[5] - Potential policy measures may include interest rate cuts and increased fiscal spending to boost domestic demand and counteract external demand slowdown[5]

6月制造业利润由降转增;央行净投放 6018 亿元,资金面明显改善 【内容摘要】7月27日,国家统计局数据显示,6月制造业利润由降转增;7月25日,央行 开展 7893 亿元 7 年进回购操作,当日净投放 6018 亿元,资金面明显改善,DR001 大幅下行, 债市有所修复;权益市场温和调整,转债市场主要指数继续上扬,转债个券多数上涨;海外方 面,美国与欧盟达成关税协定,实行统一15%关税税率,各期限美债收益率普遍下行,主要欧 洲经济体 10年期国债收益率普遍上行。 一、债市要闻 (一) 国内要闻 | 【证监会系统党的建设暨 2025年年中工作会议提出全力巩固市场回稳向好态势】证监会系统 | | --- | | 党的建设暨 2025年年中工作会议 7 月 24日召开。会议提出，全力巩固市场回稳向好态势,深 | | 化改革激发多层次市场活力,从资产端、资金端进一步固本培元,持续提升监管执法效能,精 | | 准防控资本市场重点领域风险,稳步推进高水平制度型开放,增强资本市场重大问题研究的权 | | 威性和影响力,更好服务国家战略和监管需要。 | | 【今年以来财政运行总体平稳 财政支出力度持续加大】财政部 7 月 ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - On July 28, at the end of the month, the central bank conducted continuous large - scale net injections, resulting in a balanced and slightly loose capital market. The bond market continued its upward trend, while the convertible bond market adjusted, with most convertible bond issues declining. Yields on US Treasury bonds of various maturities generally increased, and yields on 10 - year government bonds of major European economies generally decreased [1]. 3. Summary by Directory 3.1 Bond Market News - **Domestic News**: - On July 28, China and the US held economic and trade talks in Stockholm, Sweden, aiming to translate the important consensus of the two heads of state into specific policies and actions [3]. - During the 14th Five - Year Plan period, the national cumulative new tax and fee cuts are expected to reach 10.5 trillion yuan, and export tax rebates are expected to exceed 9 trillion yuan [3]. - The Ministry of Industry and Information Technology emphasized eight key tasks for the second half of the year, including implementing the strategy of expanding domestic demand and promoting high - quality development of key industrial chains [4]. - The national childcare subsidy program was announced. Starting from January 1, 2025, families with children under 3 years old can receive an annual subsidy of 3,600 yuan per child [4]. - **International News**: The US Treasury Department expects net borrowing of 1.007 trillion US dollars from July to September this year, an increase of more than 450 billion US dollars from the previous forecast, mainly due to the impact of the debt ceiling. It also expects net borrowing of 590 billion US dollars from October to December [6]. - **Commodities**: On July 28, WTI September crude oil futures rose 2.38% to 66.71 US dollars per barrel, Brent September crude oil futures rose 2.34% to 70.04 US dollars per barrel, COMEX August gold futures fell 0.77% to 3,310 US dollars per ounce, and NYMEX natural gas prices fell 2.04% to 3.032 US dollars per ounce [7]. 3.2 Capital Market - **Open Market Operations**: On July 28, the central bank conducted 495.8 billion yuan of 7 - day reverse repurchase operations at a fixed - rate, quantity - tender method, with a net injection of 325.1 billion yuan [9]. - **Funding Rates**: On July 28, due to the central bank's continuous large - scale net injections, major repurchase rates declined. DR001 dropped 5.53bp to 1.462%, and DR007 dropped 7.17bp to 1.581% [10]. 3.3 Bond Market Dynamics - **Interest - rate Bonds**: - **Spot Bond Yield Trends**: On July 28, the bond market continued its upward trend. By 20:00 Beijing time, the yield of the 10 - year Treasury bond active issue 250011 fell 1.75bp to 1.7150%, and the yield of the 10 - year CDB bond active issue 250210 fell 2.75bp to 1.8000% [13]. - **Bond Tendering**: Information on the tendering of several bonds such as 25Nongfa Discount 06 (Add 3) and 25Guokai 06 (Add 25) was provided, including maturity, issuance scale, winning yield, etc. [14]. - **Credit Bonds**: - **Secondary - market Transaction Abnormalities**: On July 28, the transaction prices of 5 industrial bonds deviated by more than 10%. For example, "24Yuanhang Holdings PPN001 (Restructuring)" fell more than 13%, and "H1Bidi 01" rose more than 350% [14]. - **Credit Bond Events**: Multiple companies announced various events, such as Jingfeng Pharmaceutical failing to repay a 117 - million - yuan loan, Zhengbang Technology's subsidiary entering pre - reorganization, etc. [15]. - **Convertible Bonds**: - **Equity and Convertible Bond Indexes**: On July 28, the three major A - share stock indexes rose, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index rising 0.12%, 0.44%, and 0.96% respectively. The major convertible bond indexes fell, with the CSI Convertible Bond Index, Shanghai Convertible Bond Index, and Shenzhen Convertible Bond Index falling 0.70%, 0.62%, and 0.81% respectively [16]. - **Convertible Bond Tracking**: Taifu Convertible Bond announced not to redeem early and will not choose early redemption if the early - redemption clause is triggered again within the next three months [18]. - **Overseas Bond Markets**: - **US Bond Market**: On July 28, the yield of the 2 - year US Treasury bond remained unchanged at 3.91%, while yields on other maturities generally increased. The 10 - year US Treasury bond yield rose 2bp to 4.42% [21]. - **European Bond Market**: On July 28, the yield of the 10 - year UK government bond rose 3bp, while yields on 10 - year government bonds of other major European economies generally decreased. For example, the yield of the 10 - year German government bond fell 3bp to 2.69% [24]. - **Price Changes of Chinese - funded US - dollar Bonds**: As of the close on July 28, price changes of various Chinese - funded US - dollar bonds were provided, including daily changes, credit entities, bond balances, etc. [26].