Easy money is the starting point of easy credit, so before the start of the easy credit cycle, the yield on government bonds has entered a downward channel. In the early days of credit easing, government bond yields fluctuated and fell, and the short-term decline was even greater. Therefore, credit easing will lower bond interest rates.

Easy credit refers to the relaxation of credit policies. Banks increase bank demand deposits through lending and investment, which means lowering the threshold for borrowing money, such as RRR reduction, TMLF, reverse repurchase, relaxing MPA assessment, and Tax cuts for small and micro businesses, etc.