"327" is a national debt product, and the payment method is coupon rate 8% plus premium. Because of the uncertainty of interest discount, this product has certain speculative value in the futures market, and it became the hottest topic of speculation in that year, and the resulting 327 case also became the "Bahrain incident" in the history of China securities. According to the Financial Times, people (February 23rd, 1995) called it the darkest day in China's securities history. (Explanation: 327 is the national debt code, not the day of the crime, but the day of the accident is February 23rd 1995)