Hello, landlord, I have to mention that the decline in the income of the Monetary Fund in June was due to the tight "money shortage" phenomenon, and interbank lending rose sharply, leading to large-scale redemption. The money fund had to sell the unexpired bonds at a low price in advance to cope with the redemption.

After the excessive phenomenon of money shortage passed, due to the shortage of bank funds, the short-term liquidity demand increased, the short-term financing interest rate also increased, and the money market yield also rose, so the income of the money fund rose sharply in July.

As for bond funds, the shortage of bank funds has spread to the whole financial market. In order to increase liquidity, many financial institutions will require the sale of bonds at low prices. On the other hand, the relative yield of investment products in the money market is higher, and institutional investors also transfer funds from the bond market and invest more in the money market.