This article applies causal testing method to study the correlation and causal relation between macro economic variation, monetary, financial variation and price movement of China bond market.
本文采用协整和因果检验方法，研究宏观经济变量、货币金融变量与我国债券市场价格波动的联动和因果关系。
Interest rate is the price of financial commodity, the most vivid ingredient for the entire financial market and system, also the leverage for regulating the national macro economy.
利率是金融产品的价格，是整个金融市场和金融体系最能动、最活跃的因素，也是国家调控宏观经济的杠杆。
Benchmark price is the price estimation for global resources from macro view, and it instructs individual exchange in the market as supervised price.
市场基准价格是从宏观角度对市场全局范围的资源进行的价格估计，它作为指导价格，引导市场中的具体交易。
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