The gradual penetration of grid-forming (GFM) converters into new power systems with renewable energy sources may result in the emergence of small-signal instability issues. These issues can be elucidated using sequence impedance models, which offer a more tangible and meaningful interpretation than dq-domain impedance models and state-space models. However, existing research has primarily focused on the impact of power loops and inner control loops in GFM converters, which has not yet elucidated the precise physical interpretation of inner voltage and current loops of GFM converters in circuits. This paper derives series-parallel sequence impedance models of multi-loop GFM converters, demonstrating that the voltage loop can be regarded as a parallel impedance and the current loop as a series impedance. Consequently, the corresponding small-signal stability characteristics can be identified through Bode diagrams of sequence impedances or by examining the physical meanings of impedances in series and in parallel. The results indicate that the GFM converter with a single power loop is a candidate suitable for application in new power systems, given its reduced number of control parameters and enhanced low-frequency performance, particularly in weak grids. The results of PLECS simulations and corresponding prototype experiments verify the accuracy of the analytical analysis under diverse grid conditions.