First, after the conference, the progress of epidemic prevention adjustment exceeded expectations, the superimposed real estate assistance policy was greatly increased, the market's pessimistic expectations for the economy weakened, and risk appetite increased. Prior to this, the phenomenon of idling within the liquid financial system eased, and market funds gradually flowed to the real economy, which led to the technical destruction of the strong bond market and the rapid decline of the bond market;
Second, under the continuous pressure of exchange rate, the central bank's open market operation has been relatively convergent recently, the bank's over-reserve rate has dropped to a low level, and the short-term interest rate center between banks has risen significantly, thus pushing the entire interest rate curve upward to re-price, that is, in order to take care of the foreign exchange market, the central bank's open market operation is relatively conservative, the liquidity tightening expectation has increased, and the bond market has declined.
Third, the bank's net wealth management and short-term debt funds are redeemed, and short-term credit bonds and bank deposit certificates are sold in large quantities, forming a negative feedback of spiraling interest rates, which will inevitably lead to emotional transmission and selling pressure.