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 through its flagship Bloomberg China Fixed Income Index series [3][5]. Group 1: August Performance Overview - In August, the Bloomberg China Aggregate Index recorded a return of -0.31%, with a year-to-date return of 0.42%. The 30-day volatility increased during this period [5][7]. - The China Treasury and Policy Banks Index also saw a return of -0.34% in August [5][7]. - The China USD Credit (Kungfu) Index, which measures Chinese credit bonds denominated in USD, achieved a return of 1.15% in August, bringing its year-to-date return to 5.76% [5][7]. Group 2: Key Indices Performance - The China Treasury Index recorded a return of -0.41% in August, with a year-to-date return of 0.28% [7]. - The Corporate Index had a return of 0.07% in August, with a year-to-date return of 1.17% [7]. - The 10+ Year Maturity Index experienced a significant decline, with a return of -1.55% in August and -0.06% year-to-date [7]. Group 3: Economic and Market Outlook - The yield on China's 10-year government bonds has rebounded from a historical low of 1.59% earlier this year, currently supported above 1.7%. Factors contributing to this upward trend include an extended "truce" in US-China trade until early November and the resumption of VAT on interest income from newly issued government and financial institution bonds [13]. - The US Treasury yields continue to dominate the total return of the China USD bond market indices, with market sentiment shifting towards concerns over potential economic deterioration in the US, outweighing inflation risks from tariffs [13]. - The option-adjusted spread (OAS) of Chinese high-yield bonds relative to investment-grade bonds is nearing historical lows, indicating a potential market shift [13].

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。 4月关键洞察 彭博中国固定 扫码阅读本期全文，您可了解以下指数4月表现： 所有待偿期限指数回报 彭博中国高流动性信用债（LCC）指数 中资美元信用债（功夫债）指数 中资美元信用债评级加权指数、中国综合指数评级加权指数 彭博行业研究观点 收益指数月报 2025年4月 彭博指数团队与彭博行业研究联合发布 彭博中国综合指数（衡量中国债券市场的旗舰指数）本月末录得正回报。在连续两个月录得 负回报后，中国综合指数4月录得1.09%的回报，年至今回报率为0.42%。在此期间，其30天 波动率呈下降趋势。 中国国债和政策性银行债指数4月录得1.17%的回报。以本币计价，人民币年至今回报率为 0.42%，在全球综合指数所包含的27种货币中的排名下降至第24位（上月为第23位）；以美 元计价，人民币年至今回报率为0.92%，排名第26位，降至倒数第二。 ...

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 -0.26% in March, following a -0.69% return in the previous month, with a year-to-date return of -0.66% [3][5] - The 30-day volatility of the index has been on the rise during this period [3] Index Performance - The China Treasury and Policy Banks Index recorded a return of -0.27% in March, with a year-to-date return of -0.74% [3][5] - The performance of various maturity indices shows mixed results, with the 1-3 Year Index at -0.24% year-to-date and the 10+ Year Index at -1.40% [5] - The China USD Credit (Kungfu) Index has shown a positive year-to-date return of 2.84%, indicating strong performance in the offshore market [5] Market Trends - Despite inflation effects from tariffs, the Federal Reserve is expected to cut rates five times by the end of the year, indicating a shift in focus towards market stability and unemployment rates [12] - Onshore high liquidity indices and dim sum bond indices have significantly lower yields compared to offshore indices, suggesting cost-saving opportunities for companies refinancing their dollar debts [12] - In February, the Chinese bond market saw an inflow of 69.8 billion RMB across all bond types, reflecting positive investor sentiment [12]