20 13 China's bond market can be said to be a bear market, and bond funds generally suffer investment losses. In 20 14 years, bond funds also performed poorly in the bond market, and their net worth performance was not very good. The main reasons are the rise of market interest rate (which will lead to the devaluation of bonds held by bond funds in coupon rate) and the increase of bond credit risk, which are the reasons for the poor performance of the bond market.