Wu Qiong (吴琼), CFA (852) 3988 6926 qiong.wu@bocigroup.com 利率、汇率、信用 中国固定收益研究 Rates, Currencies & Credits China Fixed Income Research 2025 Review of Chinese USD Bond Market 中银国际固定收益研究 Fixed Income Research 中银国际固定收益研究 BOCI Fixed Income Research 2026. 01. 08 Chinese USD corporate bonds delivered high-single-digit returns (6.87%) in 2025, demonstrating an overall resilient performance. However, the market slightly underperformed the broader Asia ex-Japan USD corporate bond universe (7.47%), largely due to market ...