There is a certain relationship between the basis of treasury bond futures and the yield. Generally speaking, when the basis of treasury bond futures is small, the yield of its corresponding bonds is low; When the basis of treasury bond futures is large, the yield of its corresponding bonds is higher. When the basis of treasury bonds futures is small, the number of transactions in the market is equivalent, the demand in the market is relatively small, the price of bonds will be relatively stable, and its yield will be relatively low. On the contrary, when the basis of treasury bond futures is large, the number of transactions in the market is unbalanced, and the demand in the market is relatively large, the price of bonds will rise, and its yield will also rise.