It mirrors overall market value pretty well, like other fundamental ratios. (alephblog.com)
(Figure will change gradually with changes in overall market values.) (aaii.com)
From 2014 to February 2017, China recorded a total of CNY 58 billion of bond defaults, which is equivalent to 0.11 % of the current overall market value, as tracked by the S&P China Bond Index. (indexologyblog.com)