Group 1 - The international attractiveness of China's bond market is increasing, with recent fee exemptions for foreign central banks and financial institutions signaling a more welcoming investment environment [1] - As of the end of April, 1,167 foreign institutions have entered China's interbank bond market, an increase of 38 from the previous year, holding a total of 4.44 trillion yuan in bonds [2] - Foreign institutions have net purchased Chinese bonds for 27 consecutive months, with a cumulative net purchase exceeding 4 trillion yuan, driven by the appeal of stable and positive returns amid international market volatility [2] Group 2 - From February to April, foreign institutions bought 900 billion yuan in government bonds and approximately 2.3 trillion yuan in interbank certificates of deposit, indicating a preference for these assets [3] - The increase in foreign purchases of government bonds and interbank certificates of deposit is primarily driven by considerations of liquidity and absolute returns, with foreign investors favoring short-term instruments to mitigate price volatility risks [4] - The yield on interbank certificates of deposit has been higher than that of one-year government bonds, making them more attractive for foreign investors seeking to enhance absolute returns [4]