According to Cai Xi's survey. The decline in the yield of com, 10-year treasury bonds means the decline in risk-free interest rates. China's ten-year bond yield is the basis of RMB asset pricing; Because the yield of ten-year treasury bonds is a long-term bond guaranteed by national credit, it is regarded as a risk-free yield. Not only the stock market, but also the futures market and even the real estate market depend on the risk-free rate of return (10-year bond yield).

In this sense, the bond market is the foundation of financial markets in various countries, and the price, interest rate, term and credit of bonds determine the operating price of assets in the whole financial market.