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]