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]

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 -0.01% in May, with a year-to-date return of 0.41% [3][5] - The Chinese government bonds and policy bank bonds index saw a return of -0.14% in May, with a year-to-date return of 0.28% in local currency [3][5] Index Performance - The China Aggregate Index (I08271CN) had a 1-day return of 0.06%, a month-to-date return of -0.01%, and a year-to-date return of 0.41% [5] - The China Treasury and Policy Banks Index (I32561CN) recorded a 1-day return of 0.10%, a month-to-date return of -0.14%, and a year-to-date return of 0.28% [5] - The China Corporate Index (I08275CN) achieved a year-to-date return of 0.76% [5] Market Trends - The Asian emerging market high-yield dollar bond index spread narrowed by nearly 130 basis points from the April peak of 5.63%, leading to a 1.42% increase in the index for May [9] - The yield curve of U.S. Treasuries is experiencing a "bull steepening," which may increase the hedging costs for RMB southbound investors in the dollar bond market [9] - Despite rising hedging costs in 2025, dollar bonds still offer a yield advantage of 44.5 basis points compared to the domestic market priced in RMB [9]

彭博是全球首家将中国债券纳入全球主流指数的指数提供商。彭博中国固定收益指数系 列作为衡量中国债券市场的旗舰指数，为全球投资者提供了清晰且独特视角和观察。 《彭博中国固定收益指数月报》 由彭博指数团队和彭博行业研究分析师共同撰写，为 您呈现月度指数回顾、短期宏观经济和债市展望。 2月关键洞察 彭博中国固定 收益指数月报 亚洲新兴市场高评级美元债指数信用利差走高的条件… 美债收益率曲线能否维持当前形态？ 人民币与美元债券市场收益率差有望利好熊猫债市场… | Index Name | Ticker | | 1D Rtn MTD Rtn | YTD Rtn | | --- | --- | --- | --- | --- | | China Indices family | | | | | | - Main Indices | | | | | | China Aggregate | I08271CN | 0.01% | -0.69% | -0.40% | | BCLASS1 | | | | | | Treasuries | I08273CN | 0.04% | -0.74% | -0.38% | | Governmen ...