Interest rate creditors mainly refer to bonds issued by subjects relying on government credit, such as government bonds, local government bonds, policy financial bonds and central bank bills, etc. The price of interest rate bonds is mainly affected by the real interest rate.

Credit bonds refer to bonds issued by entities other than the government, including corporate bonds, corporate bonds, short-term financing bonds, medium-term notes, convertible bonds and other varieties. The price of credit bonds is not only affected by the actual interest rate, but also by the issuer's credit status.