In inverse proportion. The so-called futures are simply commodities expected in the future. That is to say, I bought goods in transit with cash. Before he cashes it, he should pay some interest on the money he spent. The current price obtained by dividing the maturity value by the interest rate (discount rate) is also the price of futures. The essence of treasury bond futures is interest rate futures.

Treasury bond futures directly reflect the changes in market interest rates. Domestic deposit and loan interest rates are not generated by market transactions, but set by the central bank, so the central bank's monetary policy has the most important impact on the futures price of government bonds.

Treasury bond futures itself is an interest rate derivative, which will definitely affect interest rates. Its influence on the interest rate market is not a simple interest rate, but the whole interest rate marketization, which is a very important link in the whole interest rate system. As a mature market economy, interest rate marketization is a key link. At present, in China, we can see, for example, in the credit market, deposit interest rates and loan interest rates are generally set by the central bank, which are regulated interest rates and non-market interest rates.