本文回顾了2013年债券市场发生的重要变化——债券收益率持续提高的过程，并指出发生这些变化的原因，主要是由于利率市场化以及监管部门通过提高资金利率倒逼金融机构特别是银行去杠杆。同时对2014年债券市场进行了展望，并指出金融创新可能会为黑暗的2014年债券市场带来一丝曙光。
This essay reviews the important change happened in the bond market of china in 2013：the yield increased during the second half of the year，and points that this change is mainly due to the interest rate reform and the central bank lifted the cash market rate to force the financial institutions to deleverage. It also gives outlooks of the bond market for 2014.
