In　this　paper,　we　researched　on　the　7day＇s　bond　repo　rate　of　China.　With　the　GMM　estimator,　we　evaluated　the　parameters　of　CKLS　model　and　the　other　restricted　models,　the　results　of　estimate　shows　that　the　CKLS　model　is　the　best　single　factor　model　to　simulate　the　repo　rate　of　both　the　stock　exchange　market　and　the　inter-bank.　We　also　find　that　there　is　large　difference　between　the　long　term　average　rate　of　bond　repo　of　the　exchange　house　and　the　inter-bank　market.　It　means　that　the　stock　exchange　market　and　the　inter-bank　market　is　in　a　state　of　segmentation,　the　single　bond　repo　market　hasn＇t　become　true　in　China　yet.　The　variance　rate　of　inter-bank　repo　rate　is　large　than　that　of　the　stock　exchange　market.　In　this　paper,　the　elasticity　of　variance　is　0.9352　in　the　stock　exchange　market　and　1.3434　in　the　inter-bank　market.　Additionally,　we　proved　that　there　are　obvious　mean-revertion　phenomena　in　both　stock　exchange　market　and　inter-bank　market.