The general decline in bank wealth management products is mainly due to the sharp rise in bond yields and the sharp drop in bond prices. Wind data shows that in June 165438+1October16, 10, the yield of treasury bonds rose to 2.85%, the yield of three-year treasury bonds rose to 2.49%, and the main contract of 10 treasury bonds futures fell by 0.27% in five years. At the same time, from165438+1October 1 1, the interbank lending rate also soared, rising from 2% to 2.45% in one breath. Because the bond yield is inversely proportional to the bond price, and the bond price anchors government bond index, the yield of 10-year government bonds soared, while the whole bond market price plummeted. Bank wealth management products that mainly match government bonds, corporate bonds and interbank deposit certificates naturally suffer large losses. The rise in interbank lending rates and the soaring yield of government bonds are all reflections of the "increasingly expensive" capital. Judging from the operation of the central bank since June 165438+ 10, it is obvious that liquidity is being recovered. In the first half of June 1 1, the central bank returned a net of 874 billion yuan through open market operations; 1 65438+1October 15, the central bank1trillion yuan medium-term loan facility expires, continue to 850 billion yuan, and then return150 billion yuan. The recent 16 policy of financial support for the stable and healthy development of real estate has brought benefits, prompting the market to generally believe that there is little room for further interest rate cuts in the future and the money market is expected to tighten. The contraction of the money supply will push up the market interest rate and lead to the decline of bond prices.