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We propose and demonstrate a full-duplex radio-over-fiber system employing a phase-modulated downlink and an intensity-modulated uplink over a single optical carrier. Each downlink and uplink is encoded with 200-Mb/s 16-quadrature amplitude modulation and a 100-Mb/s quadrature phase-shift keying signal carried in the 6-GHz band, respectively. The demonstration results show that the constraints on modulation index of the downlink signal as well as power budget of uplink signal can be relaxed thanks to the constant intensity of the phase-modulated downlink signal. The results also show the good error vector magnitude performance in both downlink and uplink signals after transmission over a 25-km fiber link. The effect of phase modulation to intensity modulation conversion of the downlink signal is also measured and evaluated for the scalability of the proposed technique.