327 national debt refers to the three-year national debt 92 (3) issued in 1992, and 1995 is due for conversion in June. 1992-94, China faced the pressure of the rise of Qualcomm, and the interest rate of bank savings deposits kept rising. In order to ensure the smooth issuance of treasury bonds, the state subsidizes the value of the issued treasury bonds. The subsidy rate for value preservation is announced by the Ministry of Finance on a monthly basis according to the inflation index. Therefore, the different expectations of inflation rate and value-added subsidy rate have become the main long-short differences of 327 treasury bonds futures varieties. Institutions headed by Shanghai Wanguo Securities shorted the "327" treasury bond futures, while institutions headed by China Development Bank made more varieties of the treasury bond futures.