As you said,1March 27, 995, the "March 27 Treasury bond futures incident" was an important event in China's financial history. At that time, China treasury bond futures contracts fluctuated violently due to a large number of speculative transactions. In the worst case, the futures price of treasury bonds plummeted from 2000 500 yuan to 2365 yuan/share, a decrease of more than 5.36%. Since then, many trading companies have closed down. This incident has aroused the concern of China regulators about financial risks, and promoted the standardization and modernization reform of China futures market.