No that's not correct. Bond is not the same as crude oil. Bond prices are determined by a specific formula that has the interest rate as one of the major components and then is influenced a bit by demand & supply and market forces whereas there is no fixed formula to determine the price of crude oil and the price is largely determined by supply & demand and market trading forces. When the interest rate is increased, the price of a bond is immediately decreased to reflect the increase in interest rate. That's just how a bond is priced; the interest rate is one of the direct inputs in the bond pricing formula. The impact is immediate. If you don't short the bond price right away then you lose out. If you look at the US T-Bill or T-Bond prices, they immediately go down when the Fed Reserve raises the overnight rate. That's why I told you Wanguo's action is correct. Any bond traders around the world would've done what Wanguo did given the same information and circumstances at that time. Nobody would've longed these government bond futures on that day. This is why I find it puzzling that the bond prices in China would actually go up when the interest rate goes up unless bonds in China are valued differently with different pricing formulas? Do you know?