Core Viewpoint - The article analyzes the main factors influencing bill interest rates, proposing a framework that includes funding rates, credit and social financing, and monetary policy as the three primary influences on bill interest rates since 2019 [1]. Group 1: Factors Influencing Bill Interest Rates - The bill market serves as a crucial channel for short-term financing for enterprises, with interest rate fluctuations influenced by multiple factors [2]. - The first factor is funding rates, which have a significant impact on bill prices, as evidenced by various studies showing a strong correlation between funding rates and bill interest rates [2]. - The second factor is credit and social financing scale, where the relationship between credit scale and bill interest rates is complex, with recent studies indicating a correlation that is more suitable for longer-term analysis [3]. - The third factor is monetary policy, which affects funding rates and total funds, with bill interest rates acting as a leading indicator of monetary policy changes [4]. Group 2: Data Selection and Main Conclusions - The observation period for the analysis spans from 2019 to June 2025, focusing on monthly weighted rates of 3M and 6M national bank discounted bills [5]. - Empirical results indicate a strong correlation between the three influencing factors and bill interest rates [6]. Group 3: Results Analysis - Funding rates show a clear positive correlation with bill interest rates, with variations in the relationship observed over different periods [10]. - The ratio of undiscussed bills to bill financing is positively correlated with bill interest rates, while the ratio of bill financing to short-term loans is negatively correlated [11]. - Monetary policy tools, particularly quantity-based tools, have a significant impact on bill interest rates, although the correlation is relatively weak compared to other factors [12]. Group 4: Future Research Directions - Future research could focus on refining the modeling of the three factors and their dynamic relationships with bill interest rates, including the use of text mining techniques for more timely data extraction [14][15]. - Additionally, exploring the temporal changes in the influence of these factors on bill interest rates during significant market events could provide deeper insights into market dynamics [15].