?How to understand the "water" and "channel" sources of Liquidity: for the bond market, how to understand and grasp the changes in the liquidity of the banking system is an important part of bond research. This report analyzes the operation mode and the impact on the bond market by dismantling t加拿大幸运预测99预测 he level of liquidity. In addition, combined with the analysis of the central bank's monetary policy objectives and operation methods, we hope to answer the market's questions about liquidity at the current stage. Understand China's liquidity: how does "faucet" and "water" come into being? The liquidity discussed in this paper refers to the amount of money in the economic system, such as the total amount of social liquidity. Under the modern credit monetary system, money creation includes two parts: basic money creation and broad money creation. The sum of basic money and broad money is the total amount of money. The central bank adopts the deposit reserve system, establishes the relationship between the basic currency and the broad money, and also determines the upper limit of money creation ability. In fact, there are two ways for liquidity to affect bond market: first, from the perspective of total amount, the more excess reserve, the more money can be used to purchase assets (mainly bonds issued between banks) in the inter-bank market. Second, from the perspective of price, the downward trend of fund interest rate will guide the downward trend of bond interest rate. Understand monetary policy: how to control "faucets" and build "canals". Money transmission mechanism can be regarded as "channel", that is, the channel of money circulation, which is divided into credit channel (quantity control) and interest rate channel (price control).