Economic fundamentals;

Expectation of the tightness of future monetary liquidity;

Short-term interest rates will also be related to long-term interest rates.

Note: If the economy basically improves, the long-term interest rate will go down. If economic development slows down, long-term interest rates will rise even faster.

Influencing factors of short-term interest rate:

Current currency liquidity and risk;

The need to stimulate the current economy;

Meet the needs of currency exchange rate in international trade.

Note: Generally speaking, liquidity is loose, which means that there are more currencies that can be lent in the market, and people who need to borrow money can get financing at lower interest rates, so short-term interest rates will go down.