In 2016，in the multiple backgrounds like increasingly strict domestic financial supervision，frequent overseas“black swan”events and interest rate rise of FED，the Chinese bond market was in ups and downs.There were bear markets more than bull markets overseas and Chinese exchange always started from a bull market and then quickly ended up with a bear market with shock upstream during the period.Interbank deposits issued showed a substantial expansion so as to increase capital vacancy and market liquidity risk and cause increasingly stringent supervision.In such context，the positive fiscal policy acted as an important tool for stabilizing growth and adjusting structure and the scale of the bonds issued by the central government and local governments are expanded remarkably.In addition，the issue of the financing securities was increased，the issue of the corporate bonds was doubled and the issue of exchangeable bonds and the convertible bonds was far quadrupled.However，in the background of downturn of stock market and bond market in 2016，the convertible bond market ended up with a fall of over 10%.Finally，by reviewing the trend of the bond market in the past decade，the report concludes that，in addition to the influence of economic fundamentals，monetary policy，financial regulations and liquidity，the interest rate of China's bond market is more and more affected by the US debt in the increasingly stable exchange rate of Renminbi and becomingly steady difference of interest rate between Chinese bonds and US debts，showing a trend of“sometimes overlapping and sometimes separating in a short term，but tending to consistent in a long term”.