Under normal circumstances, as long as the interest rate of government bonds continues to decline, it will continue to fall. Judging from the composition of the whole bond, it is generally divided into three general directions: national debt, bank debt and corporate debt, so the bond decline is closely related to these three. If the interest rate of government bonds falls in the market, bonds will continue to fall.

If there is a serious storm of corporate bonds in the market, then bonds will also go down. If funds are tight in the interbank market, bonds will also go down.

Of course, for bonds, their own value lies in hedging. Therefore, when people hedge bonds at the social level, funds will push up the price of other bonds while pushing up the national debt.

Securities are the general name of all kinds of economic rights and interests certificates, and also refer to specialized products, which are legal certificates used to prove that the holder enjoys certain rights and interests.

Securities mainly include capital security, currency securities and commodity securities. In a narrow sense, securities mainly refer to securities products in the securities market, including property market products such as stocks, debt market products such as bonds, and derivative market products such as stock futures, options and interest rate futures.

As a written document commending certain civil rights, securities have the following basic characteristics:

Securities are property rights certificates;

Securities are documents of rights with property value. In modern society, people are not satisfied with the direct possession, use, income and disposal of wealth, but pay more attention to the ultimate domination and control of wealth, and securities, a new form of property, came into being. Holding securities means that the holder has control over the property represented by securities, but this control is not direct control but indirect control.

For example, if a shareholder holds shares in a company, he/she will have control over the company's property according to the proportion of his/her shares in the total issued shares of the company. However, he/she cannot claim the right to directly possess, use, benefit and dispose of the property of a specific company, but can only enjoy the owner's right to benefit from the assets, the right to make major decisions and the right to choose managers in proportion. In this sense, securities are the product of capital accumulation with the help of market economy and social credit development, and securities rights show the nature of property rights.

Securities are negotiable rights documents;

The vitality of securities lies in their liquidity. Traditional civil rights always face many obstacles when they are transferred. As far as civil property rights are concerned, it is unnecessary in nature because it does not involve personality and identity, but its transfer is a complex civil act.