The S&P China Corporate Bond Index has expanded rapidly in the past 10 years, as the market value tracked by the index was RMB 18 trillion, which has increased 34-fold since the index's first value date on Dec. 29, 2006, and the
yield -
to -
maturity stood at 5.04 % with a modified duration of 2.44 (see Exhibit 2 for the
yield comparison).