The bank's money shortage has made the exchange reverse repurchase popular. This is a cash management tool for investors to lend money to financial institutions at the agreed interest rate with the national debt or corporate debt held by borrowing institutions as collateral, and get the principal and interest within the agreed time. Exchange reverse repurchase was originally popular, but because of the recent shortage of funds, it has become an important short-term financing means for financial institutions outside the interbank lending market. \x0d\\x0d\ With the soaring interest rate in the interbank market, the reverse repo rate of the exchange continues to rise. Taking the recent reverse repurchase products of Shanghai Stock Exchange as an example, the annualized returns of 1 day, 2 days, 3 days, 7 days and 14 days are all above 6%. The highest variety 1 day once rose to 32%, keeping pace with the rise of interbank lending rate. \ x0d \ x0d \ Exchange reverse repurchase is regarded as an investment product with extremely low risk because it is mortgaged by national debt, but the operating risk of securities companies cannot be ignored. If securities companies use short-term funds for long-term stock investment through frequent repurchase operations, the risk of price fluctuation in the stock market will spread to the repurchase market, and the risk of due payment is likely to occur. In 2004, with the continuous decline of the stock market, many companies, such as Minfa Securities, Jianqiao Securities, Hantang Securities, etc., successively broke out huge capital black holes caused by the repurchase of government bonds. In May of that year, the amount due from the misappropriation of cash bonds and repurchase amplification by brokers reached more than 654.38+000 billion yuan. \ x0d \ x0d \ In the period when both the capital market and the bond market are depressed, once financial institutions encounter a shortage of capital chains, they will inevitably rob Peter to pay Paul, misappropriate bonds entrusted by customers or conduct so-called tripartite supervision entrusted financial management. Investors should be cautious about this, and the regulatory authorities should take corresponding preventive measures.