The answer is that you need to add "liquidity preference", the supply and demand for money.

答案就是，你要把“流动性偏好”，也就是对现金的需求和供给加入考虑。

Keynes thought this insight was especially important because of what he called "liquidity preference".

由于他称之为“流动性偏好”的原因，凯恩斯认为这种真知灼见非常重要。

It finds out that Chinese interest rate term structure is in line with traditional expectation theory and liquidity preference theory basically.

同时，经过分析认为我国的利率期限结构基本符合传统的预期理论和流动性偏好理论。

Theories on bond pricing include classical interest rate theory, liquidity preference theory, loanable fund theory and reasonable expectation theory.

债券价格的决定理论主要有古典利率理论、流动偏好理论、可贷资金理论和理性预期理论。

So, according to the expectations theory augmented with liquidity preference — This strongly upward-sloping term structure in 2003 would reflect two things.

所以，根据结合了流动性偏好的，预期理论，2003年期限结构中表现出的，强烈上扬趋势反映了两方面的因素。