The deleveraging policy control by the central bank of China has lead to the rise of long-term interest rate. ANBOUND research team forecasted that deleveraging would be an important operational objective in the implementation of monetary policy in 2014. With the rising expectations of inflation in the next year, the US might accelerate its exit of QE. As a result, the net outflow of capital will inevitably increase the market liquidity tension, further pushing up the interest rate.