China high-yield market's woes continue

The Bloomberg Asia Ex-Japan USD Credit China High Yield index, a measure of the Chinese high-yield market, has produced negative returns for 11 consecutive months. The index has lost 3% this month through Aug. 5

Since the start of 2022, the China high-yield market has lost 35.7%.

The China high-yield index's yield to worst has risen to nearly 26% since the start of 2021, an increase of more than 1,800 basis points.

Financials make up about 61% of the China high-yield index, followed by an 18% weight for industrials.