Core Viewpoint - The article discusses the impact of interest rates and currency fluctuations on the returns of U.S. Treasury bond funds, particularly for investors in mainland China. Group 1: Investment Returns - The returns from U.S. Treasury bond funds for mainland investors are generally lower due to the dollar's interest rate cycle and depreciation against the yuan [5]. - The yield from U.S. Treasury bonds consists mainly of interest income, with the impact of currency depreciation being significant [4]. Group 2: Factors Affecting Returns - The returns for RMB-denominated U.S. Treasury bond funds are calculated as the sum of the bond's interest yield and price appreciation, minus the depreciation of the dollar against the yuan and fund management fees [6]. - The influence of exchange rates is more pronounced than other factors in determining the net returns for these funds [6].