Content◢ Bond Market Updates and ChinaBond Indices Review Macroeconomy Policy and Operation Updates PBC kept liquidity stable at end-H1, more monetary and fiscal policy tools implemented Bond Market Updates Interest rate increased and credit spread widened, RMB bond market trended lower in June Interest Rate Bond Market Updates Yield went up and curve flattened, interest rate bond fell sharply Credit Bond Market Updates Spread widened with yield rising, credit bonds also fell ◢ Appendix 1: Correlation of Returns of Different Types of Bonds ◢ Appendix 2: ChinaBond Index Overview ◢ Appendix 3: ChinaBond Index Family ◢ Appendix 4: ChinaBond Index-Total Value-Total Return Performance ◢ Disclaimer Bond Market Updates and ChinaBond Indices ReviewMacroeconomy Policy and Operation UpdatesPBC kept liquidity stable at end-H1, more monetary and fiscal po
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