"The spot market is deleveraging, and everyone is rushing to sell coupons, but they can't sell them, and they all flock to treasury bonds futures to save their lives. Hedging forces poured into the market together, the unilateral short-selling force was too strong, and the capacity of treasury bonds futures was limited, so it fell. " Some bond traders said.

The industry believes that as the mirror market of the spot bond market, the reason for the down limit of treasury bond futures is that the sharp decline in the bond market has made many debt-based and securities firms increase their efforts to preserve their value in the futures market and hedge the downside risks in the spot bond market. And because the bond portfolio can be adjusted for a long time through treasury bond futures, it means that the decline of treasury bond futures is to partially resolve and buffer the risk of systematic decline in the spot bond market.