Core Insights - Bloomberg is the first global index provider to include Chinese bonds in mainstream global indices, offering a unique perspective on the Chinese bond market [1] - The Bloomberg China Aggregate Index recorded a return of 0.47% in June, with a year-to-date return of 0.87% [3][5] - The 30-day volatility of the index has shown a downward trend during this period [3] Index Performance - The China Treasury and Policy Banks Index achieved a return of 0.48% in June, with a year-to-date return of 0.76% [5] - The performance of various indices is as follows: - China Aggregate Index: -0.01% (1D), 0.47% (MTD), 0.87% (YTD) [5] - China Treasuries: -0.04% (1D), 0.60% (MTD), 0.91% (YTD) [5] - China Corporate: 0.03% (1D), 0.28% (MTD), 1.04% (YTD) [5] - 10+ Year Maturity: -0.13% (1D), 1.30% (MTD), 2.23% (YTD) [5] Market Outlook - The yield spread between US and Chinese 10-year government bonds has widened due to market concerns over US debt credibility, although it has narrowed since the trade "truce" in April [11] - The upcoming third-quarter US-China trade negotiations may shift market focus back to macroeconomic drivers, potentially affecting capital inflows into Chinese government bonds [11] - The return rate for high-rated dollar bonds in Asian emerging markets is approximately 3% year-to-date, driven mainly by benchmark yields [11]
固收指数月报 | 贸易谈判进行中，如何影响债市资金流向？下半年“黑天鹅”风险推升？
彭博Bloomberg·2025-07-14 04:28