Group 1 - As of the end of February 2022, foreign institutions reduced their holdings of bonds in the Central Clearing Company for the first time in over three years, with a decrease of nearly 67 billion yuan, totaling 3.6665 trillion yuan [1] - In February, foreign institutions reduced their holdings of government bonds by 35.42 billion yuan and policy financial bonds by 28.53 billion yuan, with total holdings of various bond types reported [1] - The data indicates that foreign institutional investors bought 523.4 billion yuan and sold 507.9 billion yuan of bonds in February, resulting in a net purchase of 15.5 billion yuan, with government bonds accounting for 60% of the purchases [1][2] Group 2 - The number of foreign institutional investors entering the Chinese bond market is increasing, with 512 institutions participating through the settlement agency model and 738 through the Bond Connect model as of the end of February 2022 [2] - In February, the trading volume of foreign institutional investors decreased by 28% to 1.0312 trillion yuan, accounting for approximately 6% of the total market trading volume [2] - The Bond Connect's northbound trading was active in February, with a total transaction volume of 540.1 billion yuan, where government bonds and policy financial bonds were the most actively traded [2] Group 3 - The attractiveness of RMB-denominated assets for international investors is increasing due to reasonable stock valuations, higher bond yields, and low correlation with overseas assets [3] - The geopolitical conflicts have highlighted the safe-haven properties of the RMB, contributing to a more stable allocation of RMB bonds by international investors [3]