On November 18, the bond market risk monitoring report in October 2021 issued by the statistical monitoring department of the Central Clearing Corporation showed that the default scale of credit bonds decreased in October. Eight defaulted or extended bonds were added, with a total scale of 3.571 billion yuan. The report shows that in October 2021, the bond index decreased as a whole, the new comprehensive net price index of China bond decreased by 0.33% to 100.63 points, the net price index of China bond and government bond decreased by 0.56% to 119.77 points, and the net price index of China bond and credit bond decreased by 0.09% to 94.04 points. The yield curve of treasury bonds tends to be steep. The yield of one-year treasury bonds decreases by 2bp to 2.31%, and the yield of 10-year Treasury bonds increases by 10bp to 2.97%. The report shows that the volatility of the bond market is higher than the historical average. The volatility of the new comprehensive net price index of bonds in mid October, the yield of one-year treasury bonds and the yield of 10-year Treasury bonds are in the quantiles of 63%, 20% and 63% of the historical value respectively. In October, the scale of credit debt default decreased. Eight defaulted or extended bonds were added, with a total scale of RMB 3.571 billion and a monthly default rate of 0.16%. This month, there were two new defaulting or extended enterprises, Jingfeng pharmaceutical and Xinli real estate. In addition to the defaulted or extended bonds, there were also six outstanding bonds of RMB 1.733 billion. The report shows that the turnover rate of cash bonds remains stable. In October, the average daily cash bond settlement volume of the Central Clearing Corporation was 546.4 billion yuan, a slight decrease of 0.27% month on month. The daily average cash bond turnover rate was 0.65%, unchanged month on month. The repurchase guarantee rate decreased as a whole. At the end of October, the overall guarantee rate of undue pledged repo was 109.21%, down 0.61 percentage points month on month; The overall guarantee rate of undue outright repo was 106.69%, down 0.61 percentage points month on month. There are 6 fund providers with a risk exposure of more than 1 million yuan, including 2 asset management plans of securities companies, 1 securities company, urban commercial bank, rural commercial bank and annuity; There are 7 Financial lenders with a risk exposure of more than 1 million yuan, including 4 rural commercial banks, 1 urban commercial bank, 1 commercial bank financial products and 1 securities fund. (Bao Xingan) (outlook new era)