There is a simple reason. You are looking at the national debt wealth index. The biggest difference between bonds and stocks is that bonds pay interest. The index you see is the sum of the transaction price yield and interest yield. Including the annual interest, of course, it will rise forever.

You should take the bond index calculated at the net price as the reference target, such as ZD000 1 China Bond Composite Index.

As for whether the bond price is linked to the central bank's interest rate, that's for sure. The bond price is mainly inversely proportional to the stock index, inversely proportional to the interest rate, and has a certain relationship with inflation and money supply.