关键词: 汇率, 动态结构模型, 鞅模型

Abstract: Aiming at the feature of state treasury bonds price that it mainly depends on its interest rate and maturity date, this article studies the efficiency of bonds market from the reaction of its price to the cut-down of interest rate by central bank with the event study method. And indicates that the current market is not a semi-strong form of efficient market, although its efficiency is being improved continuously.