1, economic development. The quality of economy will directly affect the national debt market. When the economy is in the process of decline, the market interest rate will fall, the funds will turn to government bond investment, and the price of government bonds will also rise. On the other hand, the upward trend of the economy may lead to an increase in the interest rate of funds, leading to a decline in national debt;

2. Market interest rate level. Bonds are typical interest rate commodities, and the interest rate level in the money market is closely related to the rise and fall of bond prices. Treasury bond futures prices are inversely proportional to interest rates. When the market interest rate rises, the credit is tight, the funds for investing in government bonds decrease, and the market price of government bonds falls. When the market interest rate drops and the credit is loose, the capital flowing into the national debt market increases, the demand increases and the national debt price rises;

3. Price level. When prices rise, people will invest their money in real estate or other commodities with stronger value preservation function in order to preserve their value, and the demand for national debt will decrease, which will lead to the decline of national debt prices.

Legal basis: Article 4 of the Interim Measures for the Administration of Treasury Bond Futures Trading.

Treasury bond futures trading and its related activities must abide by the laws and administrative regulations on futures trading, and follow the principles of openness, fairness, impartiality and good faith.

Article 5

China Securities Regulatory Commission (hereinafter referred to as China Securities Regulatory Commission) is the competent authority for treasury bond futures trading. China Securities Regulatory Commission and Ministry of Finance shall supervise and manage the national treasury bond futures market in accordance with laws and administrative regulations.