Affected by the fundamentals of domestic enterprises and the interest rate environment in the United States. The farther the pendulum deviates from the middle position, the greater the kinetic energy of swinging back at the extreme position. The performance of bonds is mainly influenced by the fundamentals of domestic enterprises and the interest rate environment in the United States. The characteristics of China dollar bonds began to expand rapidly from 20 10, and the total net financing from 20 10 to 2022 was1702.3 billion yuan.