Treasury has been one of the most important financial funding instruments of the Chinese government and the core of Chinese financial system. The primary market is the initial stage of issuance，and the auction results affect future interest costs directly. However，because of limited data published by the Ministry of Finance，there is a lack of related studies on treasury auctions in China，which impedes the development of Chinese treasury market. Based on data from January 2014 to July 2017，an innovative method is proposed to calculate the three parameters of market bid functions by solving nonlinear equations so as to analyze the factors influencing Chinese treasury auctions bidding. The result illustrates that the primary market of treasuries is highly correlated with the yield curve and trading volumes in the secondary market，and is influenced by the liquidity of the banking system.