China Convertible Bond Index Opens Down 0.37%

The dispersion matters more than the index move: the weakest names fell four times harder than the index, while the best gainers barely cleared 1%, a sign that selling is concentrated in specific credits rather than broad-based. That kind of skew usually reflects idiosyncratic stress or forced unwinding in individual convertibles, not a shift in the asset class itself. Whether the decliners stabilize or the weakness spreads to the gainers is the open question.