Since April, the domestic bond market has strengthened significantly. With the yield of 10-year treasury bonds as an observation indicator, public data shows that it fell rapidly from 1.81% on April 1 to 1.63% on April 7. Although there was a slight rebound on April 8 and April 9, it closed at 1.66% and 1.65% respectively, but it is still in the low range. Industry analysis, this round of bond market strength is caused by multiple factors resonance, including market risk aversion strengthening, RRR cut expected warming and so on.